• Home
• /
• Business

Saudi committed to oil market stability: Naimi

DUBAI - Saudi Arabia, the world’s biggest exporter, said on Tuesday that it remained committed to stability in world oil markets ahead of a meeting of OPEC heads of state next month.

“The third OPEC summit that will be held in Riyadh comes in the framework of routinely holding the OPEC summit in a member nation,” Saudi Oil Minister Ali al-Naimi said in a statement carried by the official SPA news agency.

“It also affirms the kingdom’s devotion to stability in the world petroleum markets to serve the interests of the producing and consuming countries, the petroleum industry and the global economy, especially the economies of developing countries.”

The Organization of the Petroleum Exporting Countries agreed last month to a 500,000 barrels per day increase in output from Nov. 1. Naimi made no mention of the increase or any predictions for the upcoming OPEC summit, which he said would take place on Nov. 17-18.

Venezuelan Energy Minister Rafael Ramirez said on Tuesday that OPEC should not increase oil production again after November.

Oil fell below $80 a barrel on Tuesday, retreating for a third day as a strengthening dollar and concerns about the world economy prompted investors to take profits.

The price has been above $80 for much of the last three weeks however, despite OPEC’s Sept. 11 agreement to cut.

Naimi said the OPEC summit would focus on energy-saving, environmental protection and global prosperity.