Saudi Arabia ready to increase oil production – ministerMay 8, 2012 - 16:18 AMT PanARMENIAN.Net - Saudi Arabia is ready to boost its oil output, the country's oil minister said in Japan on Tuesday, May 8 adding that current crude prices were "high," AFP reported citing Dow Jones Newswires. Ali Naimi said the kingdom presently produces around 10 million barrels per day (bpd) and had plenty of slack. "We have 2.5 million barrels a day of spare capacity, and 80 million barrels of stocks," Naimi told reporters. "We always satisfy our customers' requests. Whenever there is a request, we'll satisfy it," he said, adding: "Oil prices are still too high," without specifying where they should be. In Asian trade Tuesday, New York's main contract, West Texas Intermediate (WTI) crude for delivery in June was down 21 cents at $97.73 per barrel while Brent North Sea crude for June gained 33 cents to $113.49 in the afternoon. Quizzed on whether OPEC might raise its output ceiling at a meeting next month, Naimi said: "You have to wait for the meeting there. We have to discuss that." Naimi met with Japanese trade and industry minister Yukio Edano, who said earlier in the day that he would ask for a continued stable supply of crude oil to Japan, the agency reported. Resource-poor and energy-hungry Japan heavily relies on oil imports from the Middle East, a situation that has been exacerbated by the shuttering of all of its nuclear reactors following the disaster at Fukushima last year. International sanctions aimed at pushing Iran to give up what the West says is a nuclear weapons programme have led to Japan, amongst others, reducing purchases of oil from Tehran. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. Seven injured in massive gas station explosion in Armenia The Investigative Committee of Armenia has unveiled details about a massive explosion at a gas station on the Yerevan-Sevan highway. Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. |