Saudi 'ready to meet oil shortages'

31/01/2012 08:16 AST

Saudi Arabia can meet any future world oil shortages thanks to massive investment, and its rising gas output will mean crude exports will not be affected by booming domestic energy demand, Oil Minister Ali Al Naimi said yesterday.

"I would like to state for the record, here in London, that the kingdom will continue to be a reliable, steady and dependable supplier of energy to the world," Al Naimi told an oil conference.

He dismissed concerns that demand from within Saudi Arabia would limit the amount of oil available for export.

"Saudi Arabia's domestic growth will not impact on exports now or in the future - of this I am very confident," he said.

"Warnings last year about what would happen to Saudi oil exports if current levels of domestic usage were left unchecked were taken as fact," Al Naimi said

"But we are not leaving domestic energy consumption unchecked."


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