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Saudi high oil output based on demand: ministry

Oil market is ‘excellent,’ says Saudi Deputy Oil Minister Prince Abdulaziz Bin Salman Bin Abdulaziz

Published: Updated:

Saudi Arabia's high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom's deputy oil minister said on Monday.

Speaking to reporters in Saudi Arabia, Prince Abdulaziz Bin Salman Bin Abdulaziz said the oil market was "excellent" when he was asked about his views on the status of the global oil market conditions.

"As the minister mentioned, the kingdom responds to demand and supplies oil to wherever the demand is and whoever asks for it," he said. "We care about our market share, we care about maintaining our customers and we care about the stability of the market."