Saudi oil minister seeks to reassure on global supply | FT Alphaville

Saudi oil minister seeks to reassure on global supply

Ali Naimi, Saudi Arabia’s powerful oil minister, has insisted the kingdom will be able to make up for any disruptions to global oil supplies amid mounting tensions over the European embargo on Iran’s oil exports, the FT reports. r Naimi said Saudi Arabia’s ongoing investment in oil production capacity meant it was “able to respond to shortages around the world”. Without naming Iran, he told an audience in London that Saudi Arabia would continue to be a “reliable, steady and dependable supplier of energy to the world”. He cited the example of Libya last year, when the kingdom significantly ramped up oil output to make up for the volumes lost during the north African country’s civil war. His comments came as Iran ramped up its criticism of the Saudis, with a senior Iranian official describing the Saudi royal family as “tyrant rulers”.