Saudi Arabia has offered its main customers in the US, Europe and Asia extra oil supplies through to the end of the year, a sign that the largest crude exporter is worried about the impact of rising prices on the global economy.
The Group of Seven finance ministers last month called on oil exporters to expand production. Saudi Arabia initially reacted coolly, saying that supply and demand were balanced. But the kingdom has recently taken steps to bring down prices, consulting refiners and offering extra oil.
“The current price is too high,” a Gulf-based oil official told the Financial Times. “We would like to see oil prices back to $100 a barrel.”
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