Saudi assures world oil needs will be met

Riyadh: The Council of Ministers on Tuesday reemphasized the Kingdoms readiness to meet the world oil needs as the most reliable, safe and independent oil exporter of the world.

Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet at Al-Yamamah Palace in Riyadh, the Saudi Gazette reported. In a statement to the Saudi Press Agency following the session, Minister of Media Turki Al-Shabanah said the Cabinet noted the Kingdom's assertion, during its participation in the Russian Energy Week held in Moscow, to meet the world oil demand, after exerting extraordinary efforts to restore its capability to supply markets within 72 hours, following the criminal attack on Saudi Aramco's Khurais and Abqaiq plants.

"This strengthens the Kingdom's efforts to establish relations with countries within and outside of OPEC to achieve permanent stability of oil markets; benefit producers, consumers and the oil industry; attract investment and stabilize the financial system to enable the global economy to grow and prosper," the statement said.

Crude oil production from the OPEC will average 29.6 million barrels per day (b/d) in 2020, down by 2.3 million b/d from 2018, according to a report released Tuesday by the US Energy Information Administration.