RIYADH (Reuters) – Top world oil exporter Saudi Arabia vowed on Monday to pump enough crude oil to keep world markets supplied, the state news agency SPA said.
A statement issued after the weekly Saudi cabinet meeting said Saudi Arabia would "increase its production by the amount required by supply and demand factors in global oil markets in a way that meets the interests of both producers and consumers."
The Cabinet statement, carried on SPA, also called on all international oil producers to help fulfil demand requirements.
Saudi Oil Minister Ali al-Naimi said earlier this month that the kingdom, OPEC”s largest producer, would increase oil output to meet a seasonal rise in fourth-quarter petroleum demand and has no plans to trim output amid rising U.S. oil inventories.
The Organization of the Petroleum Exporting Countries meets on June 15 to chart output policy for the second half of 2005.