Saudi will ensure no oil shortages

VIENNA: Saudi Arabia is committed to stability of oil supply and avoiding shortages, Oil Minister Ali al-Naimi said on Friday.

"The whole idea is that there will not be any shortages in the oil market," he told reporters. "That has been Saudi Arabia's policy all along, to manage stability of the oil market, keeping it in balance."

He was speaking a day after OPEC agreed to adhere to its 30 million barrels per day output ceiling, saying it will roll back production of 1.6 million barrels per day over that.