Saudi Arabian Petrol Minister Ali Ibrahim Al-Naimi said on Tuesday that OPEC member-states are ready to compensate for any possible oil deficit on international markets, Business Georgia reports.
There are fears about future oil supplies but there is no deficit at the moment, the minister said after a press-conference at the international energy forum. The current situation is similar to what we had in 2008, he said. Saudi Arabia extracts 8.4 million barrels of oil daily and can increase production by 4 million more barrels.
The New York Stock Exchange registered a dramatic oil price rise due to instability in the Middle East and North Africa. The price for futures of light oil rose by $7.37, or 8.55%, in March, reaching $93.57 per barrel. The Royal Exchange had futures for Brent oil rise in price by 4 cents, reaching $105.78 per barrel.
US Deputy Secretary for Energy Daniel Poneman is on a visit to Riyadh. He urged oil-producing states to increase production to prevent oil prices from rocketing.
