Colosseum a.s. (Colosseum a.s.)
Commodities  |  September 10, 2012 16:20:28

Message from Saudi Arabia - fundamentals do not support high oil prices

ColosseumOil Minister of Saudi Arabia Ali al-Naimi during the day said that the global supply, demand and inventories do not justify the current high oil prices. He stressed that Saudi Arabia is concerned at the rise in oil prices on world markets. Actual fundamentals in his words do not support the high price of black gold. The market is said to be well-stocked and supplies are more than adequate. Production of Saudi Arabia, the largest exporter of oil in the world, is currently around the highest levels in 30 years. Al-Naimi also said that his country will take all necessary steps to ensure adequate market supply and stabilize prices. Any additional demand from customers will reportedly satisfied. and # 160;

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