Saudi Arabia assures adequate supply as oil hits $80 bbl

Saudi Arabia said it was consulting other oil producers in and outside OPEC to ensure adequate supplies worldwide and offset any potential shortfalls after prices hit $80 per barrel (bbl) for the first time since 2014, Reuters reported on Friday.

Khalid Al-Falih, Saudi Arabia’s energy minister, said on his Twitter account that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to “coordinate global action to ease global market anxiety”.

He also called Dharmendra Pradhan, Indian Petroleum Minister, to assure him that supporting global economic growth was “one of the kingdom’s key goals”, after India expressed concern about the negative impact of the recent surge in oil prices on consumers and especially the Indian economy.

“I also talked to the Executive Director of #IEA to reassure him of our commitment to the stability of oil markets and the global economy. I will contact others over the next few days before attending @SPIEF May 24-26 & continuing our discussions there,” Al-Falih added.

Oil prices held firm on Friday, with Brent crude trading at around $79.70 bbl after the international benchmark broke through $80 for the first time since November 2014 the previous day.