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Saudi Arabia 'not comfortable' with oil prices; Two thirds of exports going to Asia

LONDON — Saudi Arabia has expressed concern over the high price of crude oil.


A senior Saudi energy official said high oil prices could harm the global economy. He said the market contained sufficient supplies of crude oil and that Saudi Arabia did not need to sustain output.

"We are not comfortable with oil prices where they are today," Saudi Aramco Chief Executive Khalid Al Falih said. "I am concerned about the impact it could have on the global economy."

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In an address to an oil conference in South Korea on April 27, Al Falih said Saudi crude oil production capacity was stabilizing the market amid the halt in Libyan supplies. He said two-thirds of Saudi exports went to Asia, particularly China.

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