Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Tuesday that the Kingdom remained the world's most reliable oil supplier.
The Kingdom had increased its sales to Europe to 950,000 barrels in September from 490,000 barrels the same time a year ago, he told the Future Initiative Investment (FII) conference in Riyadh.
Moreover, he remarked that countries were using their emergency stocks to manipulate markets when their purpose should be to mitigate any shortages of supply.
"It is my profound duty to make clear to the world that losing (releasing) emergency stocks may be painful in the months to come," he added.
Hundreds of CEOs and finance moguls are in Riyadh for the three-day FII.
Organizers said this year's edition attracted 7,000 delegates compared with 4,000 last year.
