Tuesday, 21 October 2014  -  27 Thul-Hijjah 1435 H

Oil must be well supplied

NEW DELHI – Saudi Arabia’s concern is to keep the global oil market well supplied, its deputy oil minister said Thursday, as top Asian crude buyers look to the world’s biggest producer to make up for cuts in supplies from sanctions-hit Iran.
Saudi Arabia is the only oil producer with significant spare capacity to replace a fall in supply from Iran, which is facing Western sanctions aimed at crippling its contentious nuclear program.
China, India and Japan, the top three buyers of Iranian oil, together buy about 45 percent of Tehran’s crude exports and all of them are planning cuts of at least 10 percent.
The Kingdom’s deputy oil minister said his country’s current spare capacity was 2.5 million barrels per day (bpd), while production was 9.8 million bpd.
While India has said it will not implement the sanctions, it is seeking higher volumes under term deals from Saudi Arabia. — AFP
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