| Top global oil exporter Saudi Arabia will step in to cover any potential shortage arising from the Ukraine crisis, its oil minister said on Monday. Saudi Arabia, the only oil producer which can significantly alter output in response to changing demand, has in the past two years played the leading role in cushioning against supply disruptions from Libya, Nigeria, Iraq and South Sudan.
Russia, whose output has almost doubled over the past 15 years to more than Saudi Arabia's, has always pumped at full stretch. It has irked Riyadh several times by first agreeing to cooperate in output policy, but then doing very little to reduce production...............................................Full Article: Source |