Saudi Arabia named Naif al-Otaibi to the No. 2 job at the oil ministry, filling a position that had been vacant for nine years.
The number of jobs U.S. employers added this month probably jumped from the 113,000 recorded in January, while unemployment remained at 6.6 percent, data this week may show.
Oil at $100 a barrel is a “reasonable” price that won’t choke global economic growth, Saudi Arabia’s Oil Minister Ali Al-Naimi said.
Saudi Arabia, the world’s biggest crude exporter, welcomes additional supplies from other producers that may help to stabilize prices, Oil Minister Ali Al-Naimi said.
Prince Alwaleed bin Talal, the billionaire owner of stakes in Citigroup Inc. and Time Warner Inc., has written publicly to Saudi Arabian Oil Minister Ali Al- Naimi, questioning the kingdom’s energy policies.
The following is a selection of the most important news affecting the oil market.
Saudi Arabia, the world’s biggest oil exporter, will drill about seven test wells for shale gas this year, according to Oil Minister Ali Al-Naimi.
Demand for Saudi Arabia’s oil is ranging between nine million and 10 million barrels a day at present, Oil Minister Ali Al-Naimi told al-Watan newspaper.
Iraq’s biggest jump in oil production since 1998 is increasing the burden on Saudi Arabia to lower crude exports to prevent price declines next year.
Ministers from Saudi Arabia, Kuwait and Iraq said OPEC needn’t cut production next year to make room for additional supplies from Iran, Libya and U.S. shale oil.