Saudi Arabias oil minister, Ali Naimi, stated that the country would be able to step in and prevent any potential oil disruption to global oil supplies from the escalating tensions over the EU sanctions on Irans oil exports
Ongoing investment
Al-Naimi made these comments at a conference in London and he added that Saudi Arabia's ongoing investment in oil production capacity meant it was "able to respond to shortages around the world". "Take issues with Libyan production last year, for example... It is because of our investment that any future shortages will be handled," reported the Arab News.
Dependable supplier
Without naming Iran, he told an audience in London that Saudi Arabia would continue to be a "reliable, steady and dependable supplier of energy to the world".
More time to find alternatives
Full implementation of the EU ban on Iranian oil has been delayed for six months, to give southern European countries such as Italy and Greece, that are heavily dependent on Iranian crude, enough time to find alternatives.
