Attack on Saudi Oil Facilities Impacts Overall Energy Security - Russian Energy Minister

Attack on Saudi Oil Facilities Impacts Overall Energy Security- Russian Energy Minister

Attack on Saudi Oil Facilities Impacts Overall Energy Security- Russian Energy Minister

There is enough oil in global stockpiles to replace barrels Saudi Arabia has temporary lost due to attacks on its oil facilities, Russia's energy minister Alexander Novak, an ally of Riyadh in a pact to curb supply, told reporters on Monday.

Oil surged on Monday to nearly $72 a barrel, posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saturday shut more than 5 million barrels per day (bpd) of output, or over 5% of global supply.

"Everyone should fullfill his obligations as we agreed in Abu Dhabi", he told reporters.

"We as the UAE, as a member of OPEC, stood fast and ready to support KSA in any shape or form. We have certain capacity that we can put in the market", Al Mazrouei said.

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OPEC Secretary General Mohammed Barkindo has discussed the oil market development with IEA head Fatih Birol, and both have expressed satisfaction that "the situation has been brought under control by the Saudi authorities", according to an OPEC source.

"The UAE remains com-mitted to its production target under the Opec+ agreement", he said.

The minister said he was in touch with his Saudi counterpart, Abdulaziz bin Salman, following an attack on the kingdom's oil facilities and planned to talk to him later in the day. Opec has been over-delivering on the pledge and Mazrouei said that, while spare capacity is there, the UAE would stick to its quota. Saudi Arabia as the top Opec producer holds the bulk of its unused production capacity.

Novak said that Russian Federation was sticking to its commitments under the global oil production deal and it was premature to talk about any possibly changes to production levels.

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