Saudi Arabia's oil ministry said on Tuesday the rise in its oil production over the past three months was a result of increased global demand and the needs of its customers and was not designed to compensate for lower oil prices.

An official source at the ministry also said its petroleum policy did not reflect personal views and were formulated by an integrated team of experts and specialists in oil market economics, based at the ministry’s offices in Riyadh.

"It is done in coordination with oil-producing countries, especially OPEC countries, so as to serve the Kingdom’s interests in the short and medium terms. It is also reviewed by the country’s senior leadership. The integrated team of experts and advisers supports the decision makers," the official said in a rare statement from the ministry.

The source said the statement was issued after the Wall Street Journal published a story last week about the kingdom's oil policies, which the ministry said it considered inaccurate.

Source: www.reuters.com

Please leave comments and feedback below