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.