The Saudi Arabian Oil Minister Ali al-Naimi says the Kingdom will not increase its oil production unless such a rise is justified.
"Our interest is to keep oil supplies matching demand with minimum volatility in the oil market," al-Naimi told reporters, adding "we will raise production when the market justifies it. This is our policy."
His remarks come in response to President George W. Bush's call on the Organization of Petroleum Exporting Countries (OPEC) Tuesday to increase oil output and reduce prices in order to help ease concerns over a slowdown in the US economy.
Al-Naimi said Saudi Arabia aims to keep inventories 'normal' and 'as healthy as possible', and stressed that no one wants to see a recession in the US.
Organization of Petroleum Exporting Countries member states are scheduled to meet on Feb. 1st, 2008 in Vienna to discuss whether or not to increase oil output.
"Our interest is to keep oil supplies matching demand with minimum volatility in the oil market," al-Naimi told reporters, adding "we will raise production when the market justifies it. This is our policy."
His remarks come in response to President George W. Bush's call on the Organization of Petroleum Exporting Countries (OPEC) Tuesday to increase oil output and reduce prices in order to help ease concerns over a slowdown in the US economy.
Al-Naimi said Saudi Arabia aims to keep inventories 'normal' and 'as healthy as possible', and stressed that no one wants to see a recession in the US.
Organization of Petroleum Exporting Countries member states are scheduled to meet on Feb. 1st, 2008 in Vienna to discuss whether or not to increase oil output.
"Organization of Petroleum Exporting Countries in its forthcoming meeting will of course look at all the available data such as the projected demand, the supply available and particularly the world inventory levels and decide accordingly," Naimi concluded.
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