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.