Saudi deputy oil minister says market very stable, well supplied

DUBAI (REUTERS) - The global oil market is very stable and well supplied, Saudi Arabia's deputy oil minister said on Wednesday.

Prince Abdulaziz Bin Salman Bin Abdulaziz reiterated the Saudi view that a surge in US shale oil supplies over the last few years was not a concern for the world's largest oil exporter, because of rapidly rising demand in Asia.

"The kingdom welcomes new resources of energy supplies, as they are needed ... We welcome any energy resource that comes along, if it is produced efficiently," he told a conference in Dubai.

"It's a very stable market, it is well supplied," he added.