(Bloomberg) -- Oil ministers from OPEC and its allies have arrived in Vienna for what promises to be one of the cartel’s most contentious meetings in years as Iran opposes proposals to boost production. (All timestamps CET.)
Saudis Will Do Whatever It Takes to Avoid Shortage (12:12 p.m.)
Prince Abdulaziz bin Salman Al Saud says the kingdom is prepared to do whatever it takes to avoid global oil supply shortages.
The prince, who is Saudi minister of state for energy affairs, was speaking at the OPEC seminar in Vienna, ahead of what is likely to be a difficult meeting. He was reading a speech from Energy Minister Khalid Al-Falih, who was unable to attend the event. The prince said that Saudi Arabia and is committed to balancing the market and OPEC is seeking to expand cooperation beyond the 24 producers participating in the current oil-cuts deal.
While market fundamentals are healthy, large crude-consuming countries are anxious about a looming supply shortfall because of underinvestment in new oil and gas projects, he said.
To contact the reporters on this story: Grant Smith in London at gsmith52@bloomberg.net;Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net;Javier Blas in Vienna at jblas3@bloomberg.net
To contact the editor responsible for this story: James Herron at jherron9@bloomberg.net
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