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Tue 22 Feb 2011 04:56 PM

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Saudis will react calmly to Middle East unrest, Japan official says

Saudi Arabia is tracking Middle East situation to make sure it doesn't hurt oil supplies

Saudis will react calmly to Middle East unrest, Japan official says
OIL WATCH: Energy officials from more than 90 nations met at the International Energy Forum on Tuesday in Riyadh(Bloomberg Images)

Saudi Arabia, the Middle East’s biggest oil exporter, assured Japan that the kingdom will react calmly to the unfolding political unrest in the region, a Japanese government official said.

“They are watching the Middle East situation to make sure it doesn’t have a detrimental impact” on oil supplies, Yutaka Banno, Japan’s state secretary for foreign affairs, told reporters in Riyadh after a meeting with Saudi Arabian Oil Minister Ali Al Naimi.

Energy officials from more than 90 nations met at the International Energy Forum on Tuesday in Riyadh to sign a charter aimed at reducing volatility and increasing data transparency in energy markets.