Saudi oil chief pledges to off­set short­falls

The Washington Times Daily - - World -

KUWAIT CITY | Saudi Ara­bia’s top oil of­fi­cial said Wed­nes­day his coun­try and other oil ex­porters are ready to off­set any short­falls in sup­ply, as fears of a show­down with Iran over its nu­clear pro­gram help drive prices higher.

The Saudi com­ments from Saudi Oil Min­is­ter Ali Al-naimi were fol­lowed by a call from a se­nior Amer­i­can en­ergy of­fi­cial for in­creased pro­duc­tion to re­lieve what he sees as “tight” mar­kets that are keep­ing prices high.

The of­fi­cial, Deputy Sec­re­tary of En­ergy Daniel Poneman, cau­tioned that ris­ing crude prices could put the eco­nomic re­cov­ery at risk.

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