Saudi Vows to Guarantee Oil Supplies
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OPEC vowed Sunday to do what it can  to deflate record high oil prices that have soared above $53 a  barrel, and top exporter Saudi Arabia promised to keep the  world supplied with as much oil as it needs.
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Saudi Arabia is urging global oil stocks be increased before the world&#39;s crude oil cartel consider cutting output. Members of the Organization of Petroleum Exporting Countries
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Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.
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Aug. 17 (Bloomberg) -- Russia&#39;s state-owned railway, the shipper of a fourth of OAO Yukos Oil Co.&#39;s crude oil, said it will guarantee exports, the clearest sign yet President Vladimir Putin wants to ensure supplies to world markets.
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Saudi Arabia will raise oil production only when the market justifies it, the kingdom's oil minister said Tuesday, in response to President Bush's request that OPEC nations increase output to reduce world oil prices.
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Oil-rich Saudi Arabia will use this year's expected budget surplus to repay some of its public debt, the finance minister said in remarks published.
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Saudi Arabia said Sunday it is seeking stable oil prices in the international market for the sake of consumers and producers. Saudi Oil Minister Ali al-Nuaimi said during
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Saudi Arabia&#39;s oil minister said OPEC should maintain production at its current level, creating a split in the 11-member group as prices weaken.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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Saudi Arabian Oil Minister Ali al-Naimi Wednesday questioned the need for OPEC oil producers to rein in oil supply, saying the cartel&#39;s reference crude price was still above its official target despite steep recent falls.
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Top world oil exporter Saudi Arabia vowed on Sunday to maintain a cushion of spare supplies of up to 2 million barrels per day (bpd) to meet future demand growth.
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Oil prices hit near record levels amid a number of supply concerns, but failed to go over 50 dollars a barrel after getting some relief as Saudi Arabia promised to increase production.
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Saudi Arabian Foreign Minister Prince  Saud al-Faisal said on Wednesday the kingdom does not see any  obstacle to cooperating with Russia on developing a nuclear  energy program.
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OPEC on Friday prepared to keep oil  supply limits on hold, confident that the world economy can  absorb higher energy costs.
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Two OPEC members are pledging to increase supply or boost reserves as oil prices spiral higher, according to media reports Sunday.
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Saudi Arabia&#39;s oil minister Ali Naimi said Monday that the &quot;fear factor&quot; over supplies has added $10 to $15 a barrel to the price of oil and reiterated that his country is working toward lifting its sustainable oil production capacity.
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Saudi Oil Minister Ali al-Naimi said in Abu Dhabi yesterday that his country was ready to meet rising demand for crude oil to ease the surge in world prices.