Saudi, US officials pledge response to tight oil markets

05/23/2005
Saudi Arabian and US government officials expressed their determination May 17 to respond to tight oil markets that have pushed prices above $50/bbl. But they emphasized that their countries wouldn’t be able to solve the problem by themselves.“Let me assure you that Saudi Arabia is responding to the challenges we face in today’s oil market,” said Ali I. al-Naimi, Saudi minister of petroleum and mineral resources.Efforts include offering additional crude oil as needed, expanding production capacity to meet future demand and maintain spare capacity, building refineries while expanding existing plants domestically and abroad, upgrading the Saudi tanker fleet, and inve...
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