Saudi Arabia reaffirms its readiness to meet global oil needs

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Saudi Arabia’s Council of Ministers, chaired by King Salman bin Abdulaziz al-Saud, reaffirmed on Tuesday the Kingdom’s readiness to meet global oil needs.

Meanwhile, Saudi Arabia and Russia are expected to sign a “charter of cooperation” between oil-producing nations, Al Arabiya reported. The deal concerns OPEC, as well as non-OPEC oil producers, including Russia.

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman is also set to discuss with his Nigerian counterpart a draft Memorandum of Understanding (MoU) for cooperation in the fields of oil and gas. The final version of the agreement will be signed between the Saudi Ministry of Energy and the Nigeria's Ministry of Petroleum Resources.

During the meeting, the Kingdom’s Minister of Information Turki bin Abdullah al-Shabana condemned the September 14 attacks on Saudi Aramco’s oil facilities in Abqaiq and Khurais, according to his statement to the Saudi state news agency.

The minister said he considers the attack as a threat to the region, global security, and global energy supplies.

The attacks had resulted in halting more than half of the Kingdom’s oil production, or about five percent of global oil supply.

Last week, Prince Abdulaziz told delegates at an energy conference in Moscow that the Kingdom’s oil production has successfully reached 11.3 billion barrels per day.

He added that the Kingdom was ready to “move on” from the latest attacks and to prepare for the planned initial public offering of Saudi Aramco.

The September 14 attacks had no impact on the Kingdom’s revenue, Saudi Arabian Minister of Finance Mohammed al-Jadaan said shortly after the attacks.

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