World’s biggest oil exporter, Saudi Arabia remains has reiterated its commitment to work with other oil producers to try and address recent changes in global supply including the rise in output from Nigeria and Libya.
The top oil exporter’s goal remains to stabilize oil markets by drawing down the global inventory overhang, a Saudi industry source familiar with the kingdom’s oil policy said.
“Saudi Arabia reiterates its commitment to market stability and wants to make sure the oil market is well balanced,” the Saudi source told Reuters.
“We hope to accommodate the rise in production from Libya and Nigeria taking into consideration other supply adjustments as well. But we emphasize that we have to work together with other producers and with the two countries,” the source added.
The source’s comments were in reaction to a report issued by UK-based consultancy Petroleum Policy Intelligence (PPI) reporting that Saudi Arabia is considering cutting its exports unilaterally by up to one million barrels per day (bpd), which would offset the rise in Libyan and Nigerian supplies.
Saudi Arabia’s crude oil exports in May fell to 6.924 million barrels per day from 7.006 million bpd in April, official data showed on Tuesday, Reuters reports.
