Saudi Oil Minister Ali al-Naimi said Monday that Saudi Arabia and other OPEC members will cover any potential crude oil shortage caused by the ongoing crisis in Ukraine.
“We are willing to supply any shortage which may arise,” Naimi was quoted as saying by Reuters.
He said Saudi Arabia’s current production is around 9.6 million barrels per day (bpd) but could be lifted to 12.5 million bpd.
Russia’s annexation of Ukraine’s Crimean peninsula sent Brent futures to about $108 a barrel Monday.
The highest price for Europe’s benchmark Brent this year is $112.39 on March 3.
Naimi said that both Saudi Arabia and the Organization of the Petroleum Exporting Countries would meet any additional demand for oil, Reuters reported.
“Wherever demand is needed, we and other OPEC members will supply,” he said.
He said on the sidelines of a conference in Seoul that $100 a barrel was a fair price for oil.
“Naimi said OPEC should maintain its current output cap of 30 million bpd when it comes up for review at the group’s meeting on June 11 in Vienna,” Reuters said.