JEDDAH: Arab oil producing countries should cooperate to continue playing a positive role in the stability of the oil market and industry, Saudi Arabia’s energy minister said on Monday.
In a speech delivered on his behalf at the Arab Energy Conference in Morocco, Khalid Al-Falih said country’s across the region could work together to support the continuation of oil as a source of energy and make it “more efficient and widely beneficial.”
He said Arab countries would benefit from cooperating on research and technology to develop the sector, Saudi Press Agency reported.
Al-Falih also spoke about the Kingdom’s role in keeping a positive balance between producers and consumers in the international energy markets.
He said the Kingdom was ready to relinquish its crude storage whenever a shortage comes up.
Some analysts expect Saudi Arabia to help fill the gap left in supply when US sanctions targeting Iran’s oil exports come into force next month.