RIYADH, Saudi Arabia, Sept. 11 (UPI) -- Saudi Arabia's oil minister said the country was committed to ensuring international oil markets were well-supplied and reasonably priced.
Saudi Oil Minister Ali al-Naimi said Riyadh was concerned about rising oil prices, noting there are no market fundamentals that support the increase. The market, he said, is well-balanced and inventories remain adequate.
He said in a statement to the official Saudi Press Agency that Riyadh "will, as always, take all necessary steps to ensure the market is well-supplied and to help moderate prices and we will meet any additional demand from our customers."
A market survey from Bloomberg News said U.S. crude inventories "probably" hit their lowest level since March because of closures in the Gulf of Mexico from Hurricane Isaac last month. The report states that oil prices are moving higher as the U.S. government considers adding additional stimulus to the economy. Oil prices are based on the U.S. dollar.
Michael Poulsen, a market analyst at Dutch company Global Risk Management, confirmed the assessment from the Saudi minister.
"Oil fundamentals are balanced," he told Bloomberg News. "A rise in prices would mostly be fueled by more money flooding in from the Fed (U.S. Federal Reserve)."
