Kingdom vows to ensure oil market stability

Saudi Arabia’s oil output has jumped to more than 10 million barrels per day, up from an estimated 8.8 million bpd in April, according to Minister of Petroleum and Mineral Resources, Ali Al-Naimi. “Saudi Arabia is currently producing more than 10 million bpd,” Al-Naimi said in a speech read out on his behalf by a ministry official at a conference. Al-Naimi said the Kingdom’s goal was to “ensure stability” in the oil market and provide sufficient energy supplies to “respond to a shortage in supply or unexpected increase in demand.” Qatar, meanwhile, reassures consumer countries that the Arab Spring will not disrupt supplies from the Gulf,. Iran’s oil minister, meanwhile, dismissed EU threats of sanctions on Tehran’s financial and oil sectors. “Events in the Arab region raised concern over energy supply ... I would like to stress the commitment made ... to maintain oil supply,” Qatar’s emir said at the opening of the World Petroleum Congress in Doha. “We believe that supply of energy will overcome the crises of instability in the Arab region,” he said. “We in Qatar,” in cooperation with other producers, are working “to maintain our supplies” of energy to consumer countries, he said.