November 15:
Source: tradearabia.com/touch/article/OGN/269604
Saudi Arabia is continuing with its balanced oil policy to support the market's stability, Crown Prince Salman bin Abdulaziz Al Saud said on Saturday, according to a copy of his speech at the G20 summit published by state news agency SPA.
"The Kingdom is continuing with its balanced policy and positive and influential role to promote the stability of the markets ... and taking into account the interests of producers and consumers of energy," the Kingdom's Prince Salman said in the speech according to SPA.
"The Kingdom has invested heavily to keep the additional production capacity to enhance the stability of the global energy markets, and thereby supporting the global economic growth and its stability."
The top oil exporter and Opec heavyweight has a production capacity of 12.5 million barrels per day.
The comments come ahead of a pivotal Opec meeting on November 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 per cent to four-year lows below $80 a barrel.
Meanwhile, Iran's oil minister stated that it was hard to return to old crude prices but oil producers should do what they can to support the market.
"It is difficult to go back to the old (oil) prices but we should try to fix the prices as much as the current market situation allows," Bijan Zanganeh was quoted as saying by the Iranian Oil Ministry's news agency Shana after meeting Venezuelan Foreign Minister Rafael Ramirez, who is in Tehran.
Shana cited Ramirez, Venezuela's main representative at Opec, as saying he believes oil prices are at a very low level and "instability in the market is in no one's interest".
"A $100-per barrel price is the desirable one for Venezuela," Ramirez told Shana.
Ramirez visited Algeria and Qatar as part of a diplomatic tour that includes Iran and Russia to discuss oil markets.-Reuters
"The Kingdom is continuing with its balanced policy and positive and influential role to promote the stability of the markets ... and taking into account the interests of producers and consumers of energy," the Kingdom's Prince Salman said in the speech according to SPA.
"The Kingdom has invested heavily to keep the additional production capacity to enhance the stability of the global energy markets, and thereby supporting the global economic growth and its stability."
The top oil exporter and Opec heavyweight has a production capacity of 12.5 million barrels per day.
The comments come ahead of a pivotal Opec meeting on November 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 per cent to four-year lows below $80 a barrel.
Meanwhile, Iran's oil minister stated that it was hard to return to old crude prices but oil producers should do what they can to support the market.
"It is difficult to go back to the old (oil) prices but we should try to fix the prices as much as the current market situation allows," Bijan Zanganeh was quoted as saying by the Iranian Oil Ministry's news agency Shana after meeting Venezuelan Foreign Minister Rafael Ramirez, who is in Tehran.
Shana cited Ramirez, Venezuela's main representative at Opec, as saying he believes oil prices are at a very low level and "instability in the market is in no one's interest".
"A $100-per barrel price is the desirable one for Venezuela," Ramirez told Shana.
Ramirez visited Algeria and Qatar as part of a diplomatic tour that includes Iran and Russia to discuss oil markets.-Reuters
Source: tradearabia.com/touch/article/OGN/269604
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