Naimi Says Supply and Demand Don’t Justify Rising Oil Prices
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Saudi Arabian Oil Minister Ali al-Naimi said global supply, demand and inventories of crude don’t justify the current increase in oil prices, the official Saudi Press Agency reported.
“Saudi Arabia is concerned about rising oil prices in the international oil market,” al-Naimi said today. “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.”