Saudi Arabia, the world’s largest oil exporter, is “not comfortable” with the current crude price and is concerned about its effect on global economic growth, the head of the state oil company said.
Saudi Arabia is committed to keeping aside a “sizable cushion” of 3 million to 4 million barrels a day of idle production capacity to stabilize the market, Khalid al-Falih, chief executive officer of Saudi Arabian Oil Co., said today in Seoul. The kingdom pumped 9 million barrels a day last month, the most since October 2008, according to a Bloomberg News survey of producers and analysts.
“We are not comfortable with oil prices where they are today,” al-Falih said. “We’re concerned about the impact it could have on the global economic growth.”
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