Saudi Arabia insisted Wednesday (June 20th) it would do work to avoid oil supply shortages, setting the stage for a showdown with Iran ahead of OPEC talks on easing a production-cut pact, AFP reported.
"We will do whatever is needed to maintain market stability and ensure that there are no oil supply shortages," Saudi Prince and minister of state for energy affairs Abdulaziz bin Salman said at a petroleum conference in Vienna.
"Many consumer countries are anxious" about potential oil shortfalls, he said, noting that global oil demand is expected to climb in the coming months.
Saudi Arabia is pushing for OPEC energy ministers and allied countries to agree to ease a production cap that has more than doubled oil prices since 2016.
But Riyadh is encountering stiff opposition from Tehran, which is facing renewed sanctions.
Speaking at the same event, Iranian Oil Minister Bijan Namdar Zanganeh reiterated his country's resistance to hiking oil output.
OPEC is set to discuss possible changes to the supply-cut deal in Vienna on Friday, with 10 non-member partner countries joining the talks on Saturday.
The gathering is expected to be the most politically charged in years, but OPEC secretary general Mohammad Barkindo said he was confident a compromise could be reached.
