No country alone has the power to determine international oil prices, regardless of the size of its output capacity, the crown prince of the world’s top oil exporter Saudi Arabia said in comments published on Wednesday.Under pressure from the US to boost output to help bring down record oil prices, Saudi Arabia boosted oil output by 300,000 barrels per day (bpd) from May 10. But oil hit a fresh record high of $135.09 on May 22, prompting consuming countries to renew calls for producers to raise supplies.
“No country on its own, no matter what its production capacity, has the ability to determine the price of oil, because there are factors outside its control and sovereignty,” Prince Sultan said in comments published on state news agency SPA on the occasion of an official trip to Spain.
Supply, demand, inventories, politics and the state of financial markets all contributed to the price, he said.
Officials from Opec have repeatedly blamed factors beyond their control for oil’s rise.
“The behaviour of speculators is another factor which requires the attention of consumer countries in order to limit these price fluctuations,” Prince Sultan said.
Saudi Arabia is Opec’s most influential member and the only country with large spare capacity that could be quickly brought online.
Saudi Oil Minister Ali Al-Naimi said last month output would hit 9.45 million bpd in June. (Reuters)
Follow us on
