Saudi Arabia to Keep Investing in Energy Despite Lower Prices
October 02 2015 - 10:50AM
Dow Jones News
Saudi Arabia's oil minister Ali al-Naimi on Friday said the
world's biggest crude exporter would continue investing in the oil
and gas industry despite the drop in prices, state media
reported.
The kingdom will also invest in other energy resources such as
solar power, the minister said in Turkey at a meeting of the G-20
energy ministers, according to the official Saudi Press Agency.
"Since the 1970s this industry has been experiencing sharp
fluctuations in prices—up and down—which have impacted investments
in the field of oil and energy, and its continuity," Mr. Naimi
said.
"This volatile situation is neither in the interest of the
producing nor consuming countries, and the G-20 countries can
contribute to the stability of the market," he added, according to
SPA.
Saudi Arabia and other countries in the Organization of the
Petroleum Exporting Countries have increasingly asked other
countries such as Russia to reduce their oil output. The pleas come
as the world faces a crude oil oversupply that has rendered useless
OPEC's typical tool for boosting prices—supply cuts—without help
from other countries.
Russia on Friday said it was pumping a record high level of
crude in the post-Soviet era.
Write to Summer Said at summer.said@wsj.com
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(END) Dow Jones Newswires
October 02, 2015 10:35 ET (14:35 GMT)
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