Awwal 19, 1432 H/Feb 22, 2011, SPA -- Minister of Petroleum and Mineral Resources Ibrahim bin Ali Al-Naimi, confirmed that the Kingdom of Saudi Arabia and other OPEC member countries possess a surplus capacity that could be used in case of emergency or any shortage in the oil market, noting that Saudi Arabia alone has about 4 million barrels per day surplus. In a press conference following the conclusion of this evening's ministerial extraordinary meeting of the International Energy Forum, he denied the existence of any shortage in the oil market in the current time. He said the forum's charter whcih was signed at the meeting in Riyadh today states the mechanisms for holding extraordinary meetings to face any emergency in the world market. On the significance of today's meeting, he said the importance of the charter emanates from its force to create a framework that shows the mechanism gathering the oil producers, consumers and international companies where they could exchange views pending taking vital decisions. --More
