CAIRO – Saudi Arabia oil Minister says oil powerhouse has plenty of spare capacity to make up for any supply disruption.
Tuesday's comments by Ali Naimi came as Libya unrest sent oil markets is surging for another day.
The official Saudi News Agency quoted Naimi to say that the Saudis production capacity of 12.5 million barrels a day can help "compensate for any lack of international deliveries." Saudi Arabia, the de facto leader of the Organization of petroleum exporting countries, currently produces around 8 million barrels a day.
Was the U.S. benchmark crude futures contract more than $ 7 per barrel to almost $ 94 on electronic commerce in the New York Mercantile Exchange while the London-based Brent benchmark was above $ 106 per barrel.
No comments:
Post a Comment