Sign Up for FREE Daily Energy News
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2

Hazloc Heaters
Hazloc Heaters

Saudi’s Falih says global oil market is well supplied

English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

MOSCOW (Reuters) – The global oil market is well supplied and Saudi Arabia has successfully met additional demand, Saudi Energy Minister Khalid al-Falih said on Wednesday.

He was speaking to reporters in Moscow, where he is due to attend an energy conference with Russian President Vladimir Putin and other influential energy officials.

Falih said Saudi Arabia had raised its oil output to 10.7 million barrels per day (bpd) in October so far to meet rising demand for oil.

“We see the market is being well supplied,” Falih said before the plenary session.

In response to a question about surging oil prices, which reached a four-year high this week above $85 a barrel, Falih said the current price “was not based on fiscal flows of supply and demand”.

“This is created in financial markets,” he said.

Sources familiar with Russian and Saudi plans said Falih and his Russian counterpart Alexander Novak had agreed at a series of meetings to lift output from September through December as crude headed towards $80 a barrel. [nL8N1WJ289]

Russian oil output reached a post-Soviet record high of 11.36 million bpd last month. [nL8N1WI0OP]

Reporting by Olesya Astakhova and Dmitry Zhdannikov; writing by Andrey Kuzmin and Vladimir Soldatkin; Editing by Dale Hudson and Jason Neely

Share This:

More News Articles

New SHOWCASE Directory Companies


RAM Industries Inc.
RHK Hydraulic Cylinder Services Inc.