Vienna — Saudi Arabia is "committed to ensuring the availability of [oil]supplies," Prince Abdulaziz said Wednesday, as OPEC debates whether to liftcaps on its 1.8 million b/d output cut agreement with 10 non-OPEC partners.
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OPEC is discussing a "wide range of options, including bringingadditional supplies to the market," the prince, who also serves as SaudiArabia's minister of state for energy affairs, said in prepared remarks at theOPEC Seminar in Vienna.
"We will assess according to supply and demand fundamentals, but also theoutlook for the remainder of the year," he said.
The common objective is to "ensure that there is no supply shortfall atany point in time," he added.
Prince Abdulaziz was speaking at the seminar in place of Saudi energyminister Khalid al-Falih.
Saudi Arabia and key non-OPEC ally Russia are pushing to roll back thesupply cut agreement by as much as 1.5 million b/d, to offset any losses fromVenezuela's continued output decline and US sanctions on Iran.
Iran, Venezuela and Iraq have said they are opposed.
OPEC meets Friday to discuss the deal, with non-OPEC partners scheduledto join the talks on Saturday.