08 Mar '11, 5pm

World oil supply very adequate, says Saudi minister

World oil supply very adequate, says Saudi minister

RIYADH: Saudi Oil Minister Ali Naimi said on Tuesday that the amount of crude available on the world market was "very adequate" and that the kingdom had spare capacity of 3.5 million barrels per day if needed. "Current supplies in the market are very adequate, and there is an extra output capacity that could be used if needed," the state SPA news agency quoted him as saying. "Recent crude prices do not reflect the fundamentals of supply and demand in the oil market as much as they are caused by financial speculation and a negative and unrealistic take on supplies," he said. "Saudi Arabia has currently an extra output capacity of 3.5 million barrels per day which could be used and help in covering any shortage." Naimi said the OPEC kingpin had "developed a special mix of crude oil that resembles the quality of supplies that are in shortage," in a clear allusion to Libya's o...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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