Saudi Arabia 'concerned' about oil price: minister
Saudi Arabian Oil Minister Ali al-Nuaimi said on Thursday that his country, the leading oil exporter in the world, was "concerned" about record crude prices.
By Agencies |
MADRID: Saudi Arabian Oil Minister Ali al-Nuaimi said on Thursday that his country, the leading oil exporter in the world, was "concerned" about record crude prices.
"Yes, we are concerned about high prices," he told reporters at the World Petroleum Congress here as the benchmark price of crude in London surged to a new high point slightly above $146 a barrel.
He added that this was "the reason why King Abdullah called a meeting" in Jeddah last month where oil consumers and producers met to discuss the problem.
He stressed that there were adequate supplies for the market and this was not the main reason for the record prices - a view echoed by other producer counties here.
"Demand is there but supply is matching demand," he said, adding, "Today all our buyers are satisfied and happy."
Consumer countries and the rich world's energy watchdog, the International Energy Agency, stress that fear of a shortage of supplies to meet surging demand from Asian and Middle Eastern economies was causing the market tension.
Producers in the Organization of Petroleum Exporting Countries, which have spare capacity to boost supplies, pin the blame on financial market speculators and the weakening dollar.
Although record prices boost the coffers of oil producers, they are also a danger for the long-term because they encourage conservation and investment in alternative sources of energy.
"Yes, we are concerned about high prices," he told reporters at the World Petroleum Congress here as the benchmark price of crude in London surged to a new high point slightly above $146 a barrel.
He added that this was "the reason why King Abdullah called a meeting" in Jeddah last month where oil consumers and producers met to discuss the problem.
He stressed that there were adequate supplies for the market and this was not the main reason for the record prices - a view echoed by other producer counties here.
"Demand is there but supply is matching demand," he said, adding, "Today all our buyers are satisfied and happy."
Consumer countries and the rich world's energy watchdog, the International Energy Agency, stress that fear of a shortage of supplies to meet surging demand from Asian and Middle Eastern economies was causing the market tension.
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Producers in the Organization of Petroleum Exporting Countries, which have spare capacity to boost supplies, pin the blame on financial market speculators and the weakening dollar.
Although record prices boost the coffers of oil producers, they are also a danger for the long-term because they encourage conservation and investment in alternative sources of energy.
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