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Saudi Arabia boosts oil output

03-01-2011 12:30 BJT

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Saudi Arabia, the world's biggest oil exporter, says it will remain vigilant about the stability of the world's oil market. This comes as unrest and protests engulfing Libya have hammered oil markets.

Chairman of state-run oil giant Saudi Aramco says the company has met the demand for extra oil supply due to the disruption of exports from Libya. The unrest in Libya, Africa's third largest oil producer after Angola and Nigeria, has reduced its oil production by half.

Oil prices jumped towards 120 US dollars a barrel last week for the first time since 2008. Prices have since eased to 112 dollars, partly because Saudi Arabia has promised to meet any shortages.

A senior Saudi source says the kingdom has boosted its output to around 9 million barrels per day to meet demand. Meanwhile, the International Energy Agency says it has the capability to ease the possible shortages of oil supplies.

Dr Fatih Birol, IEA Chief Economist said "It is very comforting that Saudi Arabia show their readiness to make it up, and similarly at the International Energy Agency, we have substantial amount of stocks and if there is a need to release them, if there is a physical supply disruption, we can release those stocks. And we can release two million barrels per day for two years of time without any trouble."

Editor:Xiong Qu |Source: CNTV.CN

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