Saudi could step in if Ukraine crisis causes oil shortages


Saudi Arabia could increase oil production if the tension between Russia and Ukraine causes any market shortages, Saudi Oil Minister Ali al-Naimi said today at an energy conference in Seoul.

Al-Naimi's comments came after pro-Russia separatists declared victory in a "self-rule" referendum for Donetsk in eastern Ukraine.

Absent of any crude shortages, al-Naimi doesn't expect OPEC to increase its production cap of 30M barrels a day when it meets next month. "Supply is highly sufficient. Demand is great. And the market is fairly stable. There's no reason for a change," al-Naimi said. He also described $100 a barrel as a fair price "for everybody, consumer, producer and oil companies."

WTI crude is +0.2% at $100.20 a barrel, while Brent is +0.3% at $107.80.

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