Oil to stabilise by 2010
Riyadh - Oil prices will stabilise by 2010, Saudi Arabia's oil minister said on Tuesday, adding that the kingdom was prepared to increase production if necessary.
Speaking at a financial conference in Riyadh, Ali al-Naimi said the world's refining capacity would continue to be of concern over the next four years.
"Oil production during this decade will hold steady," Naimi said, adding that the kingdom - the largest oil producer in the world - would increase its crude oil production if necessary.
Oil prices soared above $74 a barrel last week, approaching last month's record high of just above $75.
Naimi also called on nations to eliminate obstacles to oil production, saying "the world's oil refining capacity will remain a source of concern in the coming four years."
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