(WASHINGTON, DC) - Speaking at an industry event today in Seoul, Korea, Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said that Saudi Arabia has increased crude oil production and is working with fellow OPEC members to bring down high oil prices.

“Clearly, geopolitics – and speculation about geopolitics – is impacting prices,” said Al-Naimi. “But, for the record, oil market fundamentals are good, the market is well-balanced, and stocks remain within range.”

Al-Naimi emphasized there are no supply shortages in the global oil market. “I repeat the message that Saudi Arabia, and other producers, remain willing and capable of meeting any additional demands,” he said.

“The Kingdom of Saudi Arabia will continue to meet all the demands placed upon it …,” Al-Naimi concluded.