The White House has lauded comments by Saudi Arabia's energy
minister that consumer nations need not release emergency petroleum reserves to
calm oil prices.
Saudi Arabia's Oil Minister Ali al-Naimi said in a statement
on Sept. 10 that the world's largest crude exporter was concerned about high
oil prices, would take steps to moderate them, and would meet any additional
demand from its customers. The kingdom would continue to work with other Gulf
Cooperation Council countries and with OPEC to defend the stability of the oil
market, Naimi said.
High US oil prices, which hit more than $100 a barrel, the
loftiest since May 4, have led industry watchers to guess whether President
Barack Obama will tap the Strategic Petroleum Reserve (SPR) ahead of the Nov. 6
election.
The White House reiterated it was keeping all options on the
table to calm prices, but also applauded Naimi's comments.
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