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Saudi Arabia assures on supply as oil hits $80 a barrel

Reuters  |  RIYADH 

By and Rania El Gamal

(Reuters) - said on Friday it is consulting other in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

OPEC's most influential minister, Saudi Arabia's Khalid al-Falih, said in a post that he had called his counterparts in the United Arab Emirates, the and Russia, as well as major South Korea, to "coordinate global action to ease global market anxiety".

Falih also said he had reassured the of the International Agency of "commitment to the stability of and the global economy" and that he would contact others over the next few days.

On Thursday, Falih called Indian to assure him that supporting global economic growth was "one of the kingdom's key goals", the said in a statement, after expressed frustration with the recent surge in

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

The Ministry said on Thursday that the kingdom together with other producers would ensure the availability of adequate supplies to offset any potential shortfalls.

India's Pradhan had expressed concern about the negative impact of escalating prices on consumers and especially the Indian economy, the world's third-largest

is one of the world's fastest-growing and its lags only that of the and

The Organization of the Petroleum Exporting Countries and its ally have cut their output since January 2017 to help reduce excessive global stockpiles.

So far, OPEC has said it sees no need to ease output restrictions despite a fall in global stocks to the group's desired levels and concerns among consuming nations that the price rally could lead to demand destruction.

OPEC member the UAE said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with Iran, such as Venezuela's collapsing

U.S. has also called on OPEC to help cool oil prices, saying they were artificially high.

(Reporting by and Rania El Gamal; writing by and Marwa Rashad; Editing by and Alexandra Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 14:40 IST
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