Saudi Arabia has affirmed the kingdom's readiness to use its spare oil production capacity when needed to deal with any future changes in oil supply and demand in coordination with other producing countries.

 

The Saudi Cabinet, at a meeting chaired by King Salman bin Abdulaziz Al Saud, discussed the oil supply issues. The King briefed the Cabinet on the telephone call received from US President Donald Trump, during which the two leaders affirmed the need to exert efforts to maintain the stability of oil markets and the growth of the world economy, said a Saudi Press Agency report.

 

The Cabinet stressed that one of the most important objectives of the kingdom‘s petroleum policy is to seek a balance and stability in the oil market. The Cabinet commended constructive cooperation between producing countries from inside and outside Opec.

 

Meanwhile, Saudi Minister of Energy, Industry and Mineral Resources Eng Khalid Al-Falih and Russian Minister of Energy Alexander Novak reviewed recent developments in the international oil market during a telephone discussion yesterday.

 

The two ministers also discussed the June 23rd statement of Opec and Non-Opec Ministerial Meeting in Vienna to adjust the collective overall oil output starting from July 1, bringing approximately an additional one million barrels a day to the market.

 

The ministers also agreed to continue close coordination and consultation between them, and among other oil producing partners in  the interest of producers, consumers and the global economy.