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Saudi Arabia Determined to See Oil Price Drop, Al-Naimi Says

Bloomberg - Apr 13, 2012

Saudi Arabia, the world’s biggest oil exporter, is not happy with current crude prices and is determined to see lower levels, Oil Minister Ali al-Naimi said.

The kingdom is working toward its goal of seeing prices drop by highlighting there’s no shortage of supply, al-Naimi said in a statement in Seoul today. Stockpiles held by consumer nations are rising and Saudi Arabia is producing 10 million barrels a day, he said. That’s close to the fastest rate in at least 31 years, official data shows.

“We are seeing a prolonged period of high oil prices,” al-Naimi said. “We are not happy about it.” Fundamentally, the oil market remains balanced and there is no lack of supply, he said.

Benchmark Brent oil futures have risen 13 percent this year on concern tension over Iran’s nuclear program will disrupt exports from the Middle East. The contract for May settlement on the ICE Futures Europe exchange was at $121.19 a barrel today. Inventories in the U.S., the world’s largest oil consumer, have climbed to 365.2 million barrels, the highest for this time of year since 1990, an Energy Department report this week showed.

Read Full Article from Bloomberg

- Posted: 2012-04-13 14:05:01

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