Saudi assures oil supply to Japan during emergencies

Tokyo, Jan 23 | Updated: Jan 24 2007, 05:51am hrs
Saudi Arabian oil minister Ali al-Naimi is aiming for moderate oil prices and assured Japan on oil supplies during emergencies, a Japanese government official told reporters after a meeting on Tuesday. Naimi did not give an actual price level which he considers to be moderate, the official said.

The official said Saudi Arabia will continue to play its role as a supplier to the world in case of emergencies. Saudi Arabia's spare crude production capacity is set to rise to 3 million barrels perday (bpd) in February after a second round of Opec output cuts, though Naimi had said also the kingdom will maintain its goal of 1.5-2.0 million bpd of spare capacity. Saudi Arabia did not ask for upstream investments from Japan, said the official with the ministry of economy.