28 Feb '11, 4pm

Saudi Arabia says committed to stability of oil market

RIYADH : Saudi Arabia, OPEC's largest producer, said on Monday it is committed to the stability of the oil market after Libya's oil production dropped amid unrest in the North African country. The government, in a statement carried by the state-run SPA news agency, said the cabinet met and discussed the anti-regime protests shaking Libya "and their repercussion on oil production in that country." Saudi Arabia "is committed to the stability of the market" and to ensuring that oil supplies remain available, the statement said, adding that the kingdom hopes that Libya's oil production would return to normal soon. The statements came as China National Petroleum Corp (CNPC), the nation's largest oil and gas producer, said on Monday it has halted production in crisis-hit Libya and evacuated all its employees from the country. Other foreign firms operating there have also drastic...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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