Not Everyone Thinks Flood of Saudi Arabian Crude Is Bearish
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As the world’s biggest oil exporter opens the spigot, not everyone agrees that it’s bearish for prices.
Saudi Arabia is pumping at near-record levels into a global market contending with the biggest inventory surplus since 2009, according to the International Energy Agency. Gary Ross, the founder of PIRA Energy Group, says the resulting depletion of the country’s spare capacity sets the stage for a price spike. Saudi Oil Minister Ali Al-Naimi said on April 7 the kingdom produced 10.3 million barrels a day in March.