
OPEC kingpin Saudi Arabia will compensate for any shortage in global energy markets, its Oil Minister Ali al-Naimi told reporters Tuesday. \"We are ready to compensate for any shortfall in the oil market,\" said Naimi on the sidelines of a meeting with his Gulf counterparts in Riyadh. Naimi said, however, that \"the market is good, reserves are excellent, and supplies are adequate and stable.\" He did not give figures for the kingdom\'s production, which sources in the industry estimate at 10 million barrels per day, but said that \"our production capacity is 12.5 million bpd.\" The minister\'s remarks come as global oil prices retreated on Tuesday with news of recovering output in Iraq and Libya. Officials from Iraq, the second largest producer in oil cartel OPEC, were Monday quoted as saying that the country had restored normal output after completing repair work on a pipeline leak. In Libya, production resumed following a weeks-long blockade by guards at key Libyan oil terminals
GMT 22:17 2018 Monday ,22 January
Opec output cuts near victoryGMT 22:57 2018 Saturday ,20 January
the literary canary in India's coalmineGMT 07:11 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 15:44 2018 Saturday ,13 January
Bahrain to host MERTC 2018GMT 18:24 2018 Friday ,12 January
No need to panic over $70 oil price: UAE Energy MinisterGMT 13:21 2018 Friday ,12 January
Kuwaiti oil price up 93 cents to stand at US$66.09 per barrel

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor