Saudi Arabia’s oil minister says the industry needs to add 5 million barrels of daily crude production to keep up with global demand, which will rise 1 million barrels a day each year.
Ali al-Naimi spoke at an energy meeting in Manama, Bahrain, according to The Wall Street Journal.
Naimi also said Saudi Arabia is eager to work with all producers and exporters – inside or outside OPEC – to maintain stability in the oil price and market.
The U.S. energy industry lays the blame for the current price slump, and the thousands upon thousands of job losses that have resulted, squarely at the feet of Saudi Arabia. The Saudis upped production and helped create a glut of oil that knocked down prices in an effort to drive out U.S. competitors, according to Louisiana Oil and Gas Association President Don Briggs.