Saudi: World Is NOT Over-Supplied With Oil

Link here.

Saudi Arabian Oil Minister Ali Al- Naimi said there’s no excess supply in world oil markets and that the kingdom has been adjusting output to match fluctuating demand over recent months.

“There is no oversupply in the market right now,” he told reporters in Dhahran today.

The country, OPEC’s biggest producer, will keep pumping at current rates even if Libyan output returns to the market this year, as long as customers are in need of the oil, the minister said. The Organization of Petroleum Exporting Countries meets next on Dec. 14 in Vienna to decide whether it needs to alter production targets.

Saudi Arabia supplied 9.39 million barrels of crude oil a day to the market in September, Al-Naimi said. Corresponding figures for June, July and August were 9.8 million, 9.6 million and 9.8 million, he said.