The head of oil in Saudi Arabia reaffirmed the country's commitment to supplying oil resources to meet increasing demand in Asia, Reuters reported. Oil Minister Ali al-Naimi recently visited China and said that oil demand in Asia is still strong, citing the increasing need for energy as the middle class grows.
With rapid industrialization in China, the industrial sector and other economic segments will require more energy resources like natural gas to fuel production. Naimi said the country's friendship with China would continue through this energy partnership.
"Oil will retain its pre-eminent position and Saudi Arabia will remain the No. 1 supplier," said Naimi. "We should not lose sight of these facts and the importance of our ongoing relationship."
Saudi Arabia is the world's second-biggest exporter of petroleum products, according to the U.S. Energy Information Administration.
With lower oil prices, Saudi Arabia acknowledges that cheap energy has helped Asia fulfill its energy demands, but Naimi also stressed eventually having a fair price for both sides of the market for oil and gas products, according Reuters.
He said stable prices are important for supply and demand to increase in a sustainable matter.