Ali Naimi
Ali Naimi
Ali bin Ibrahim Al-Naimi,was the Saudi Arabian Minister of Petroleum and Mineral Resources from 1995 to 2016...
added create demand element government investment oil policies reducing risk timely
Government policies aimed at reducing oil demand create another element of uncertainty for producers. This added risk is detrimental to timely investment decisions.
difficult overcome
make it more difficult to overcome these bottlenecks in the system.
comment country friendly interfere
I don't comment or interfere in other countries, particularly a country that is very friendly to Saudi Arabia.
additional barrels capacity excellent feels gesture market million needs provide spare welcome
It is an excellent gesture from OPEC to provide 2 million barrels a day of spare capacity to the market, ... If the market feels it needs additional crude, they're welcome to it. It's there.
benefit concerned market producer types volatility
I'm always concerned about these types of things. We've said volatility in the market isn't a benefit to the producer and the consumer.
crude
The crude is available, ... If you want it, there it is.
adequate attract believe capacity crude current grow level margin needed next oil price production providing restore returns safety spare
The current price level is providing the returns needed to attract adequate investment. We believe spare crude oil production capacity will grow sufficiently in the next 3-4 years to restore some margin of safety to world crude markets.
additional issue maintain minds recognize stability
Uppermost in our minds is to maintain stability in the markets, ... We recognize that there is a need for additional production. The issue is when and how much.