Oil supply 1.5m bpd above demand: Naimi
Tokyo, May 9, 2012
Saudi Oil Minister Ali Al-Naimi said on Wednesday there is as much as 1.5 million barrels per day of oil supply over demand in the global market.
"There is today about 1.3 to 1.5 million barrels per day of extra supply over demand," Al-Naimi told reporters in Tokyo. He said "absolutely not" when asked if sees supply tightening in the coming months.
He also said it is up to developed nations to decide whether to release oil from their reserves. "That's their decision," he said.
Al-Naimi met with Japanese government officials on Tuesday. - Reuters