RIYADH, April 14: Saudi Arabia, the world’s top oil exporter, is seeking fair prices for crude oil that would protect the interests of both consumers and producers, King Abdullah said on Saturday.
“The kingdom ... is aware of its international duties and acts to achieve fair prices for oil that safeguards the interest of producer and consumer,” the monarch said in a written message to the advisory Shura council.
Oil prices hit a 2007 high in London on Friday as outages at US refineries added to concern about fuel supplies. The Opec heavyweight is increasing production capacity to fulfil growing international demand and boost its own economic development, the king added in the message carried by the state news agency SPA.
King Abdullah was apparently referring to plans to raise to 12.5 million barrels per day the Saudi output capacity by 2009 from 10.7 million bpd at the end of 2006.
Saudi Arabia sits on nearly a quarter of the world’s known oil reserves and contributes around 11 per cent of the global output.—Reuters
