| Saudi Oil Minister Ali Al-Naimi said on Sunday that it would take "some time" to restore stability to the global oil market but he remained optimistic about the future. Al-Naimi's comments came even as Iran said it was ready to increase its crude oil exports by 500,000 barrels a day, hours after international sanctions on Tehran were lifted, removing an obstacle to exports.
"As you know, the oil market has witnessed over its long history, periods of instability, severe price fluctuations, and petro-economic cycles," Al-Naimi said in a speech at an energy event in Riyadh attended by the Mexican president and energy minister...............................................Full Article: Source
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