Gulf Oil and Gas accountACCOUNT

Saudi Arabia's Supply Matches the Demand

Source: Bloomberg 12/21/2012, Location: Middle East

Saudi Arabian Oil Minister Ali al- Naimi said demand for crude matches supply and the global market is stable.

“The market is functioning well,” Naimi told reporters in Cairo before a meeting tomorrow of the Organization of Arab Petroleum Exporting Countries. “Supply is adequate. Demand matches supply. If there is extra supply it is helping inventories.”

Oil in New York fell for the first time in six days on concern U.S. lawmakers will fail to reach a deal to avert a fiscal crisis, threatening the economy of the world’s biggest crude consumer.

Oil futures for February delivery fell as much as $2.17, or 2.4 percent, to $87.96 a barrel on the New York Mercantile Exchange. The contract traded at $88.60 a barrel at 2:02 p.m. local time.

“There are customers who will come to every producer and ask for volume,” Naimi said when asked whether the world’s largest exporter would return to an individual quota. “Saudi will honor the requests of its customers.”

The Organization of Petroleum Exporting Countries decided Dec. 12 to keep its production target unchanged for a second time this year. Saudi Arabia is the biggest crude-producer in OPEC. The 12-member group will meet next on May 31.

Oil News in Saudi Arabia >>

Saudi Arabia >>  4/21/2019 - The Saudi Arabian Oil Company (Saudi Aramco) is to acquire Shell Saudi Arabia Refining Limited’s (Shell) 50% share of the SASREF joint venture in Juba...
United Arab Emirates >>  4/18/2019 - Eni has signed an Exploration and Production Sharing Agreement covering Block A Offshore Ras Al Khaimah, as well as the relevant Joint Operating Agree...

Qatar >>  4/16/2019 - Qatargas Operating Company Limited (Qatargas), acting on behalf of Qatar Petroleum, and BASF SE have signed a technology license agreement for the Nor...
Saudi Arabia >>  4/15/2019 - The Saudi Arabian Oil Company (Saudi Aramco) and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramc...

Qatar >>  4/12/2019 - McDermott International, Inc. (MDR) announced a large* contract award from Qatargas for engineering, procurement, construction and installation (EPCI)...
Saudi Arabia >>  4/5/2019 - McDermott International has signed a Joint Venture Agreement with Zamil Offshore to target the Maintenance, Modifications and Operations (MMO) market ...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.