Saudi Arabia respond to supply and demand requirements
[rtl] Riyadh - The agencies
said the Saudi Energy Minister Khalid al - Falih: »that the kingdom always respond to supply and demand in the oil market will continue to monitor the crude markets inanticipation of any developments».
Falih made the remarks on the sidelines of a press conference to mark the signing of anagreement between the company and the Saudi National Maritime Transport and the Arab Petroleum Investments (Apicorp) for the launch of an investment fund worth 1.5 billion dollars can buy up to 15 giant oil tanker.
Faleh said: «Saudi Arabia always respond to the demands of the market in terms ofsupply and demand, and the kingdom is trying to follow a balanced and consistent policy and maintain the stability of the markets and the interests of producers and consumers». the
minister said that he has been signed preliminary agreements with several foreign investors regarding the repair and shipbuilding complex being developed by the Saudi State oil company (Aramco) in Ras Al-Khair.
he was Falih said last month: »the kingdom plans to build more industrial cities in areas including Rabigh, and Ras Al-Khair, as well as building and operating a world class marine Industries in Ras Al-Khair sing country for imports worth $ 12 billion a year and provides 80 thousand jobs ».
the Minister of energy desire of Saudi Arabia ( the largest oil exporter in the world) that has the largest Maritime transport company , and to be has a parallel fleet to the size of the reserves of crude oil and sales of petroleum, despite the fact that the giant oil company shipped about 20 percent of transfused world 's oil by sea.
Falih said in previous statements that the sustainability of investment in the oil sector requires prices between 50 and 100 dollars a barrel.
as pointed out the supply and demand of Bata now more balanced again, however , that there is excess stocks in the market, it takes a long time to reduce the glut of stocks it.
so oil prices did not experience any little changed in early trading in Asia, which means ignoring the dealers to the impact of the coup attempt that took place in Turkey.
and it landed contracts futures price for US crude 12 cents to $ 45.83 a barrel after rising 27 cents at the previous trading session end prices to rise more than 1 percent during the week.
The landed contracts futures prices for Brent one cent to $ 47.60 a barrel after rising 24 cents at close the previous session to rise about 2 percent during the week. The impact of the rising dollar on prices although prices get support from upbeat US and China economic data boosted the outlook for global demand for oil.[/rtl]