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West Nations wins Saudi pledge to boost oil supply | Consuming nations won a new pledge from OPEC leader Saudi Arabia on Mar 14 to boost oil supplies to help control prices and protect the global economy from any loss of Iranian crude due to potential sanctions.
Oil prices have climbed to $127 a barrel this year, just $20 short of their all-time high, as tighter Western sanctions on Iran threaten to choke off the country's exports.
High oil prices have prompted worries about their impact on the global economy, creating a major headache for politicians around the world including US President Barack Obama, who faces public anger over high gasoline prices during an election year.
Washington has urged ally Saudi Arabia to cover potential shortages when new US and European Union sanctions are expected to reduce Iranian oil exports from July.
On Mar 14, veteran Saudi Oil Minister Ali al-Naimi told the International Energy Forum, a major gathering of producer and consumer nations that the world's largest oil exporter stood ready to fill any supply gap.
"Today the oil market is generally balanced and there is ample production and refining capacity… Saudi Arabia and others remain poised to make good any shortfalls – perceived or real – in crude oil supply," Naimi said in a speech, made available to reporters.
The statement appeared to differ from previous comments by Naimi, who has repeatedly said the kingdom was prepared to raise production only if it saw increased demand from customers.
Naimi faced a flurry of calls for additional supply from consuming nations.
"We think the markets are tight. Therefore, we think there is a need for more production," said US Deputy Energy Secretary Daniel Poneman. "Oil prices at current levels are so high that it's not consistent with a sustained economic recovery."
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