AFP cited Mr Ali Naimi oil minister of Saudi Arabia as saying that Saudi Arabia will act to bring down oil prices.
Mr Ali Naimi Saudi Arabia would like to see a fair and reasonable price that will not hurt the global economic recovery, especially in emerging and developing countries. While the market is fundamentally balanced Saudi Arabia will use spare production capacity to supply the oil market with any additional required volumes.
Oil prices, despite falling have risen in recent weeks, putting pressure on economies worldwide. Oil prices fell in Asian trading on Thursday following US and European indications of support for the release of strategic oil reserves.
New York’s main contract, West Texas Intermediate crude for delivery in May shed 8 cents to USD 105.33 per barrel in the afternoon while Brent North Sea crude for May settlement was down nine cents at USD 124.07.
In Paris, Mr Francois Baroin French Economy Minister said that he was reasonably confident that the International Energy Agency would decide in favor of the release of oil from strategic stocks.
In France, the price of fuel for vehicles has reached record levels in nominal terms and is now a significant subject in campaigning for a presidential election.
