Saudi Prince Sees ‘Excellent’ Oil Market as Kingdom Meets Demand
Saudi Arabia, the world’s biggest oil exporter, will meet any demand for its crude as the kingdom seeks to keep customers happy and maintain a balanced market, Prince Abdulaziz bin Salman, the deputy oil minister, said.
The oil market is in “excellent” condition, he told reporters Monday in the eastern city of Khobar, without elaborating. Benchmark Brent crude has gained 13 percent this year and was trading 46 cents lower at $64.82 a barrel at 10:56 a.m. in London.
“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said. “Stability includes price, supply, and demand stability.”
Saudi Arabia raised output to 10.1 million barrels a day in March, near an all-time peak, the International Energy Agency reported on April 15.
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