(MENAFN- Saudi Press Agency) However, facts on the ground are different, he said, explaining that non-OPEC producers are now pumping more than they were doing in the 1980s of last century. He said those players were not showing any cooperation to stabilize the market in the current period due to their own reasons, but the Kingdom of Saudi Arabia would keep determined to show cooperation at any time to reach consensus in these matters.
He said the new increase of supply, mostly coming from the United States of America, was widely welcomed in the international oil market and the world economy as well. This increase, in addition to Saudi Arabia's efforts to compensate the shortage originating from other oil exporting countries suppliers, have helped to level the market, a measure without which you would have seen great damage to the world economy which have not yet fully recovered from its long-sustained financial crisis, he said. At that time, Saudi Arabia has welcomed new supplies of non-traditional oil, including shale oil, he added.
He reassured that the long-run demand on oil, will necessitate its supply from all sources of possible energy, including fossil or renewable energies.
He confirmed that demand on fossil energy will increase, citing the increase of world population, expansion of the central class all over the world and others.
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