Saudi Arabia calls for ‘balanced oil market’

ISTANBUL - Reuters

Saudi Arabian Foreign Minister said Jan. 28 “having a balanced oil market is important for his country,” commenting on the prospect of Turkey switching imports to the kingdom’s oil amid mounting uncertainty over Iranian oil supplies due to sanctions.

“What Saudi Arabia wants to see is a balanced market in oil. That is important for Saudi Arabia,” Prince Saud al-Faisal said on whether Gulf Arab oil exporters would replace supplies to Turkey, should Ankara halt imports from Iran. 

Gulf Arab countries in general held a common view on this issue, he said at a meeting of foreign ministers from Turkey and the six members of the Gulf Cooperation Council, he said Gulf Arab countries in general held a common view on this issue. Turkey imports over 200,000 barrels per day, around 30 percent of its consumption, from Iran. Tupras, a unit of Turkey’s largest conglomerate Koç Holding and the country’s sole refiner, is seeking to buy more oil from Saudi Arabia, according to industry sources familiar with the company’s strategy. Saudi Arabia is the world’s largest producer and exporter in the oil market.

The annual strategic dialogue meeting between Turkey and the GCC touched on escalating tensions between the international community and Iran over its nuclear program and the 10-month-old revolt in Syria, as well the regional view on a brewing global economic crisis.