UAE oil minister Mohammed bin Dhaen Al Hamli has said that the world’s major oil producers will intervene if necessary to offset any problems with Libyan oil.
He said the Organisation of Petroleum Exporting Countries (OPEC) “will intervene if need arises, but supplies are reaching the market so far.”
Saudi Arabia’s oil minister has said the oil powerhouse has ample spare capacity to offset any supply disruptions, while other OPEC ministers downplayed the need to pump new crude into the world market to temper an oil price rally fuelled by unrest in Libya.
Saudi Arabia said it has enough reserves. Saudi oil minister Ali Naimi said its production capacity is at 12.5 million barrels per day, and it is only pumping eight million barrels at present.
