Saudi Oil Minister Ali Al Naimi said on Wednesday that the kingdom and OPEC remained committed to a stable crude market and would fill any shortages in world supply "whenever they happen and for whatever reason."
But he said it was too early to know whether OPEC producers cartel would make any changes to output when it meets next week, the Gulf Daily News quoted him as saying.
"There is a lot of concern in the area of price stemming from concerns of a potential shortage in supply, I can assure you there will be no supply shortage," Naimi told delegates at the World Petroleum Conference in Shanghai.
Ministers of the 11-member Organization of the Petroleum Exporting Countries are due to meet in Vienna on September 26 to review production policy.
Any tightness in supplies would lead to a run up in oil prices, which could exacerbate the economic slowdown in major petroleum consumers, of which the US is the largest.
The market is also wary of US military retaliation for the attacks and the possible destabilizing effect on the Middle East where two-thirds of world petroleum reserves lie.
OPEC Secretary-General Ali Rodriguez said on Tuesday there was no need for the group to change output limits.
"Oil prices spiraled lower yesterday amid growing worries that the world is about to plunge into a recession that will stunt petroleum consumption. London Brent blend futures shed 94 cents a barrel to stand at $26.33 a barrel, bringing this week's total losses to over $3.
US light crude fell 98 cents to $26.72 – Albawaba.com
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