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Saudi Minister Says No Need to Worry About Oil Demand in Winter

Posted on: Tuesday, 29 November 2005, 09:00 CST

Saudi minister says no need to worry about oil demand in winter

KUWAIT CITY, Nov. 28 (Xinhua) -- Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim al-Nuaimi said here on Monday that the current situation of the international oil market and the winter season demand are both not worrisome, the official Kuwait News Agency (KUNA) reported.

Nuaimi made the remarks upon his arrival at the Kuwait International Airport on Monday morning, according to the report.

He said that in principle, the Organization of the Petroleum Exporting Countries (OPEC) is not planning to change the current oil output ceiling of 28 million barrels per day in its upcoming meeting due in mid-December.

But the suggestion of adding two million barrels on top of the ceiling might be discussed, he added.

In addition, Nuaimi also re-asserted that OPEC is keen on keeping oil prices stable, but said at the same time that the supply of oil in the world market is more than demand and that the market is stable.

The Saudi Minister, whose country is the top world exporter of crude oil and a key OPEC member, is currently in the Kuwait City for the third Gulf-European Oil and Gas Technologies Conference hosted by Kuwait.

Oil prices have recently fallen to between 55 US dollars and 58 dollars a barrel after hitting a record high of over 70 dollars in August.

The fall in prices has been partly owed to forecasts of warmer weather in the United States, easing fears of a soaring demand of heating fuel in the winter season.

Source: Xinhua News Agency - CEIS

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