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Saudi oil minister reveals his country's capacity to compensate Iran's oil
[10:55] 12/Jan/17
Saudi Oil Minister Ali al-Naimi
Erbil Jan. 17 (PNA) - said Saudi Oil Minister Ali Naimi said the kingdom capable of thanks to the productive capacity reserve to meet any shortfall may result in the market for a ban on Iranian oil exports, stressing the possibility of providing supplies to China, South Korea and Japan immediately, ruling out the the possibility of Iran's success in closing the Strait of Hormuz.
Al-Naimi said in an interview in response to a question on the Kingdom's ability to provide the needs of China in the event of Iranian exports, "I think that total needs (imported by China from Iran) ranging between 400 and 500 thousand barrels a day, but like all other consumers who act wisely, baptized to diversify their sources, and so if we were asked to provide 200 or 300 thousand barrels per additional will not be easy is important. "
Al-Naimi said, "We have the capacity to produce 12.5 million barrels, while the current levels of our production range between 9.4 and 9.8 million barrels, so we have a large reserve capacity."
And how long you may need Saudi Arabia to raise production, Naimi said "We can raise our production current to 11.4 or 11.8 million barrels immediately, or within a few days, all it takes from us is to open the valves," adding, "and still remains about 700 thousand barrels can be provided within a period not exceeding 90 days. "
And whether these assertions enough to reassure markets about the ability of Saudi Arabia immediate intervention when they are absent Iranian production is estimated at approximately 2.2 million barrels from the market pointed out that his "our spare production dedicated to respond to emergency situations in the world, as well as to meet the needs of customers, and this is what focus on actually. "
The Saudi minister stressed that his country was not looking forward to the bodies which may come out of the production, but focus on those that need more supplies.
When asked about the Kingdom's ability to satisfy the concerns of South Korea and Japan, as consumers of Iranian oil and Saudi Naimi replied by saying, "Sure, as long as they meet our customers Vcisrna Mttlebatthma."
Asked if Saudi Arabia and through this announcement you want to send a message stating its willingness to intervene to meet the needs of the world, as happened in the Gulf War and the Iran-Iraq war, said al-Naimi said his country intervene in cases of emergency, has already done so in other circumstances, such as intervention for the provision of oil during the Hurricane Katrina, which hit the United States in 2005.
Naimi played down the risk of Iranian threats to close the Strait of Hormuz through which 40 per cent of the amount of oil for export across the world to say "I personally do not think that if the strait were closed, this may continue because the world can not afford this."
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[10:55] 12/Jan/17
Saudi Oil Minister Ali al-Naimi
Erbil Jan. 17 (PNA) - said Saudi Oil Minister Ali Naimi said the kingdom capable of thanks to the productive capacity reserve to meet any shortfall may result in the market for a ban on Iranian oil exports, stressing the possibility of providing supplies to China, South Korea and Japan immediately, ruling out the the possibility of Iran's success in closing the Strait of Hormuz.
Al-Naimi said in an interview in response to a question on the Kingdom's ability to provide the needs of China in the event of Iranian exports, "I think that total needs (imported by China from Iran) ranging between 400 and 500 thousand barrels a day, but like all other consumers who act wisely, baptized to diversify their sources, and so if we were asked to provide 200 or 300 thousand barrels per additional will not be easy is important. "
Al-Naimi said, "We have the capacity to produce 12.5 million barrels, while the current levels of our production range between 9.4 and 9.8 million barrels, so we have a large reserve capacity."
And how long you may need Saudi Arabia to raise production, Naimi said "We can raise our production current to 11.4 or 11.8 million barrels immediately, or within a few days, all it takes from us is to open the valves," adding, "and still remains about 700 thousand barrels can be provided within a period not exceeding 90 days. "
And whether these assertions enough to reassure markets about the ability of Saudi Arabia immediate intervention when they are absent Iranian production is estimated at approximately 2.2 million barrels from the market pointed out that his "our spare production dedicated to respond to emergency situations in the world, as well as to meet the needs of customers, and this is what focus on actually. "
The Saudi minister stressed that his country was not looking forward to the bodies which may come out of the production, but focus on those that need more supplies.
When asked about the Kingdom's ability to satisfy the concerns of South Korea and Japan, as consumers of Iranian oil and Saudi Naimi replied by saying, "Sure, as long as they meet our customers Vcisrna Mttlebatthma."
Asked if Saudi Arabia and through this announcement you want to send a message stating its willingness to intervene to meet the needs of the world, as happened in the Gulf War and the Iran-Iraq war, said al-Naimi said his country intervene in cases of emergency, has already done so in other circumstances, such as intervention for the provision of oil during the Hurricane Katrina, which hit the United States in 2005.
Naimi played down the risk of Iranian threats to close the Strait of Hormuz through which 40 per cent of the amount of oil for export across the world to say "I personally do not think that if the strait were closed, this may continue because the world can not afford this."
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