Al-Naimi: Kingdom will not limit oil output, can meet customer demand

Updated 30 December 2015
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Al-Naimi: Kingdom will not limit oil output, can meet customer demand

ALKHOBAR: Petroleum and Mineral Resources Minister Ali Al-Naimi said the Kingdomdoes not limit its output and has the capacity to meet additional demand, state television Al Ekhbariya reported.
“The increase in production depends on ... the demand of the customers. We meet our customers’ demand, there is no longer a limit to production, as long as there is demand, we have the ability to meet demand,” Al-Naimi said.
The Wall Street Journal, which reported the same comments as Al Ekhbariya, also quoted Al-Naimi as saying Saudi Arabia’s oil policy was “reliable” and would not change.
He has made similar comments in the past when asked about plans to boost production.
“We expect — from now on — efficiency of energy consumption to increase, which means the energy consumed will be reduced,” Al-Naimi said, in reference to the recent subsidy reforms.
On Monday, Saudi Aramco Chairman Khalid Al-Falih said his country was better equipped to wait out low oil prices than other producers. The comment was in line with Saudi Arabia’s no-cut oil policy on output despite a sharp fall in global oil prices since mid-2014.


China cancels trade talks with US as tariff threats escalate

Updated 22 September 2018
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.