Fears about oil supplies groundless - Saudi oil minister UPDATE |
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Published
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Tue, 13 Nov 2007 11:45
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(adds oil minister quotes)RIYADH (Thomson Financial) - The oil minister of OPEC's largest producer Saudi Arabia said fears about a shortage of crude supplies were baseless and there was no reason for them to push prices to current record levels.The fears are 'groundless,' Ali al-Nuaimi told reporters in Riyadh ahead of an OPEC summit opening in the Saudi capital this weekend.'The prices today have really no relation with the fundamentals,' he said.'I believe OPEC in general and Saudi Arabia in particular have demonstrated their ability to respond very quickly to any disruption,' Nuaimi added.tf.TFN-Europe_newsdesk@thomson.comjagCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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OPEC to discuss output hike if needed - Saudi, Kuwaiti oil ministers 