Saudi’s oil Chief Ali Al- Naimi has identified a wish to stabilize crude prices at $100, adding that Saudi Arabia was in a position to meet the potential shortfall as a result of sanctions being imposed on Iran.
Saudi has the ability to produce 12.5 million barrels a day and has substantial spare capacity from it’s current production of around 9.5 million barrels per day.
The oil minister was speaking in an interview with CNN
Brent crude trades around $112.30, with the Nymex WTI around $99.45
