Saudi Arabian Oil Minister Ali Naimi promised a stable supply of oil at a price set by...
Saudi Arabian Oil Minister Ali Naimi promised a stable supply of oil at a price set by the Organization of Petroleum Exporting Countries.
At the Foreign Policy Association panel discussion on U.S.-Saudi Arabian relations, Naimi said he didn't know why global oil prices were so high, because plenty of crude is available.
Prices were near $37 a barrel in New York on Monday.
In recent days, Saudi officials have said a lack of U.S. refining capacity and speculation by investment funds may be behind the price spike. But Naimi said Saudi Arabia would not increase supply to drive down prices.
Naimi also dismissed concerns about Saudi Arabia's oil reserves, saying the kingdom has 261 billion barrels in known reserves.
"The potential to find more is there and to extract more is there also," Naimi said. "But let there be no doubt about the reserves in Saudi Arabia. There is really no need for the world to panic about shortages of oil for the next 50 years."
