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Saudi Arabia urges calm in face of surging oil prices
Tue, 22nd Apr 2008 14:46
ROME (Thomson Financial) - Saudi Arabia's petroleum minister Ali al-Naimi called for calm in the face of runaway oil prices on Tuesday, saying there was no imminent oil shortage.
'This is not the time to panic and grasp for exotic, unproven solutions,' he told the International Energy Forum being held here.
'I have observed an unprecedented level of uncertainty, doubt and even fear in discussions about the future of energy and its impact on global economic prospects,' al-Naimi told the closed-door session in comments obtained by AFP.
But 'I can assure you unequivocally that the world is not running out of oil,' he insisted.
The root of the problem was primarily due to 'limited capacity along the entire supply chain .... at its heart, this is not an energy resource issue; it is primarily an investment issue,' he said.
As oil prices surged past $118 a barrel for the first time, the head of the International Energy Agency Nobuo Tanaka, warned that the development could tip the world economy into recession.
tf.TFN-Europe_newsdesk@thomsonreuters.com
afp/jlc
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
'This is not the time to panic and grasp for exotic, unproven solutions,' he told the International Energy Forum being held here.
'I have observed an unprecedented level of uncertainty, doubt and even fear in discussions about the future of energy and its impact on global economic prospects,' al-Naimi told the closed-door session in comments obtained by AFP.
But 'I can assure you unequivocally that the world is not running out of oil,' he insisted.
The root of the problem was primarily due to 'limited capacity along the entire supply chain .... at its heart, this is not an energy resource issue; it is primarily an investment issue,' he said.
As oil prices surged past $118 a barrel for the first time, the head of the International Energy Agency Nobuo Tanaka, warned that the development could tip the world economy into recession.
tf.TFN-Europe_newsdesk@thomsonreuters.com
afp/jlc
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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