Font Size

- Aa +

Wed 9 Oct 2019 02:47 PM

Font Size

- Aa +

Saudi vows to keep the oil flowing despite attacks

Officials say kingdom is 'most reliable, safe and independent oil exporter' in the world

Saudi vows to keep the oil flowing despite attacks
Saudi Aramco Abqaiq oil processing plant

Saudi Arabia is ready to meet the world oil demand.

At a meeting of the Cabinet, chaired by King Salman bin Abdulaziz Al Saud, it was agreed that the kingdom is the “most reliable, safe and independent oil exporter” in the world, according to a report by the Saudi Press Agency (SPA).

Members of the Cabinet were discussing the country’s recent participation in Russian Energy Week, in Moscow. In particular, they highlighted the efforts made to restore its capability to supply markets within 72 hours, following the terrorist attacks on the Khurais and Abqaiq plants last month.

The attacks by more than two dozen missiles and drones threw into doubt Saudi Arabia’s role as an anchor of stability in global energy markets and its ability to convince investors to buy shares in Saudi Aramco’s planned initial public offering.

The report by SPA also said plans were afoot to establish relations with countries within and outside of OPEC in order to bring permanent stability to the oil markets, which would be to the benefit of producers, consumers and the oil industry. To “attract investment and stabilise the financial system to enable the global economy to grow and prosper”.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.