Saudi Arabia’s verdict: ‘Excellent’

摘要

Saudi Arabia is enjoying continued demand for its crude, prices above $100/bl and the absence of an Opec quota system that would complicate its oil output policy. Saudi oil minister Ali Naimi sums up the country’s policy: “I am prepared to supply our customers with what they need.” He is unperturbed that Opec’s projection of the call on its crude in 2014 is below the group’s output this year. “Demand is excellent, supply is excellent and prices are excellent,” Naimi says. In the absence of a quota system Riyadh is able to calibrate its output in response to demand from its buyers and the needs of its domestic market, keep-ing exports stable over the past two years.