Saudi pledges to bring down oil prices


30/03/2012 08:04 AST  Gulf Daily News

Saudi Arabia will act to bring down oil prices, Oil Minister Ali Al Naimi said yesterday as France signalled that a release of strategic stocks was likely to boost supply.

Riyadh "would like to see a fair and reasonable price that will not hurt the global economic recovery, especially in emerging and developing countries," he wrote in a column.

While the market is "fundamentally balanced, Saudi Arabia will use spare production capacity to supply the oil market with any additional required volumes," he said.

The negative impact of high prices on the global economy has spurred speculation that the US, France and Britain will resort to tapping its strategic oil reserves.

In Paris, French Economy Minister Francois Baroin said he was "reasonably" confident that the International Energy Agency would favour the release of oil from strategic stocks.

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