Saudi Arabia pledges adequate cheap oil supply

Saudi Arabia's Economy and Planning Minister Mohammed Al-Jasser on Wednesday reiterated his country's determination to provide adequate supplies of oil to the global community, Japanese public broadcaster NHK reported. "Saudi Arabia is committed to balancing global supply and demand for oil, and to ensure reasonable prices. This pledge should be a reassurance to the Japanese," Al-Jasser, who is currently visiting Tokyo, told NHK. There are growing concerns about the global oil supply amid continuing tensions over Iran's nuclear program. The US and its European allies have increased their economic sanctions against Iran, while the country has threatened to close the Strait of Hormuz, a key oil shipping gateway. Al-Jasser also spoke about worsening unemployment in Saudi Arabia, particularly among the young, due to a rapid population increase, according to the report. He emphasized the importance of training young people for jobs outside the oil industry and called for Japan's continued assistance in this area. The minister also called for investment in the Gulf kingdom during a talk to 800 Japanese businesspeople on Wednesday.