Al-Naimi: Current high price of oil not supported by market fundamentals

September 10, 2012

Minister of Petroleum and Mineral Resources Ali Al-Naimi stressed today that Saudi Arabia is concerned about rising oil prices, stating that the current high price is not supported by market fundamentals. In a statement, he noted that the oil market is well-balanced, forward-cover remains within an acceptable range and inventories are more that adequate. “Saudi Arabia will, as always, take all necessary steps to ensure the market is well-supplied and to help moderate prices,” Minister Al-Naimi declared. “And we will meet any additional demand from our customers. We will continue to work in collaboration with other Gulf Cooperation Council nations, and with OPEC to defend the stability of the oil market.”