The global oil market is in a good shape and Saudi Arabia is happy with the current oil price, Saudi Oil Minister Ali Al-Naimi said on Sunday, expressing satisfaction over a Gulf effort which kept prices in check.
Saudi Arabia is satisfied that oil prices have fallen to a level that does not hamper global growth, Saudi Oil Minister Ali Al-Naimi said on Wednesday, signalling success in a Gulf Arab effort to keep oil prices under control d
Saudi Arabia came under pressure on Wednesday from fellow Organization of the Petroleum Exporting Countries (Opec) producers to cut oil output to prevent a further slide in crude prices.
Price hawks in Opec are fretting that slowing econom
Opec may need to raise its oil output target when it sets production policy on Thursday for the second half of the year, Saudi Oil Minister Ali Al-Naimi said in an interview published on Monday.
"Our analysis suggests that we will need a h
Saudi Aramco's crude oil output in 2011 rose to 9.1 million barrels per day (bpd) from 7.9 million a year earlier, the state oil firm said in an annual review released on Monday.
'In 2011, the company supported global energy secur
Top crude exporter Saudi Arabia wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Oil Minister Ali Al-Naimi said on Sunday.
International Brent c
Saudi Oil Minister Ali Al-Naimi said on Wednesday there is as much as 1.5 million barrels per day of oil supply over demand in the global market.
"There is today about 1.3 to 1.5 million barrels per day of extra supply over demand," Al-Nai