Saudi Arabia’s overseas crude storage tanks are full, according to the country’s oil minister Ali al-Naimi.
“Our inventories both in Saudi Arabia and worldwide are full,” the minister said today during a meeting with seven reporters in Doha, Qatar. “Our Rotterdam inventory is full, our Sidi Kerir is full, our Okinawa is full. 100 percent full.”
Saudi stockpiles held at international storage facilities are at about 10 million barrels, while local supplies are “significantly higher,” he said.