Riyadh – Mubasher: Saudi crude oil production is witnessing a high demand in most of the world, especially after the fast decline of the supply outside OPEC.
Oil production was raised to meet the higher seasonal demand of the customers, within the Kingdom's plan to restore the balance between supply and demand to support oil prices, Khalid Al Falih, Saudi minister of energy, told Saudi Press Agency (SPA).
"We are, in Saudi Arabia, watching the market closely, and if there is a need to take any action to help the market rebalance, then we would, of course in cooperation with OPEC and major non-OPEC exporters," Al Falih stated.
He added that, as expected, there has been a modest stock drawdown last month and it is expected that the de-stocking will accelerate in all parts of the world to support oil prices.
The minster highlighted that OPEC and non-OPEC oil producers will meet at the interministerial meeting of International Energy Forum (IEF) in Algeria in September to discuss the market's situation, including any possible action that may be required to stabilize the market.
