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2014-05-16 19:40:00

USA: DEMAND WILL ABSORB

USA: DEMAND WILL ABSORB

A possible move by the U.S. to relax its federal laws banning crude-oil exports won't cause a supply glut as demand growth will absorb any additional crude, the oil minister of top oil exporter Saudi Arabia said Thursday.

"We will be very happy to see different producers increasing their production and going into the international market," Ali al-Naimi told reporters on the sidelines of an energy meeting in Moscow. "Remember the world consumes every year over 30 billion barrels of oil and somebody has to replace that so the more oil produced the more is replaced."

Top Obama administration officials are considering relaxing federal laws banning crude-oil exports, a move that would upend a decades-old policy. U.S. Energy Secretary Ernest Moniz said Tuesday that some of the fast-growing supply of domestically produced oil isn't suitable for refining locally, which could warrant re-examining a nearly 40-year-old law that bans exports of most crude.

Mr. Naimi also said the kingdom and the Organization of the Petroleum Exporting Countries, which provides about 40% of the world's oil, aren't worried about additional crude coming from Iran and Iraq.

"I don't know why everybody is talking about threats. Everybody has their customers. Customers know reliability and they go for that," Mr. Naimi said.

wsj.com

Tags: USA, OIL

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