BEIJING — Asian demand for oil will remain strong and Saudi Arabia is ready to meet all needs, Saudi Arabia's Oil Minister Ali Al-Naimi said on Tuesday during a visit to China, as the world's top crude exporter aims to maintain its market share.Addressing the Energy Forum in the Chinese capital Tuesday under the title of '”The strength of the partnership'”, he said the Kingdom was ready to supply China with additional oil if required.”Asian demand for oil remains strong and we are ready to supply whatever is required. As the Asian population grows, and as the middle class expands, so the demand for energy will increase,” Naimi said. He said “Kingdom of Saudi Arabia as does China, carries out a historic task of development and growth, whereas we take at the moment, steps to grow our economy, create jobs and improve the standard of living of our citizens and that energy is an essential element for that, and there are many common things between our two countries, expressing happiness to stand in front of them today to talk about the strength of the partnership that unites us.” He further said fair and stable oil prices will benefit producers and consumers, allowing global supply and demand to grow at a steady pace. “Oil is a long-term business, requiring long-term plans and investment,” Naimi said in a speech to mark the inauguration of state oil firm Saudi Aramco's new research and development center in Beijing. “Sudden rises or falls in the cost of oil are not welcome.... it's in all our interests to ensure stable prices,” he added. “For many producers, the price drop presented difficult challenges. But while Saudi Arabia remains reliant on the revenues it receives from oil, the situation in the Kingdom was not dramatically different. The reason for this is that, during the period of high prices, Saudi Arabia saved and invested the revenues wisely. We fixed the roof while the sun shined,” he remarked.
