JEDDAH: The recent rise in oil prices is not due to any lack of supply, Petroleum and Mineral Resources Minister Ali Al-Naimi said on Monday.
“Saudi Arabia is watching the current rise of oil prices with interest and thinks this rise is not called for by market fundamentals in terms of supply and demand,” Al-Naimi in a statement sent to the Saudi Press Agency (SPA).
He said the Kingdom would continue to maintain stable oil supplies in cooperation with other Gulf producers and OPEC countries.
Rise in oil prices not due to fundamentals: Kingdom
