The Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi stressed today that Saudi Arabia is concerned about rising oil prices in the international oil market and said the current high price of oil is simply not supported by market fundamentals; the market is well-balanced, forward-cover remains within an acceptable range and inventories are more than adequate. In a statement to Saudi Press Agency (SPA), the Minister said Saudi Arabia will, as always, take all necessary steps to ensure the market is well-supplied and to help moderate prices - and we will meet any additional demand from our customers. We will continue to work in collaboration with other Gulf Cooperation Council nations, and with OPEC to defend the stability of the oil market.
