Oil a ‘Little Bit High,’ Saudi Arabia’s Al-Naimi Says
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Saudi Arabia is storing as much as 80 million barrels of crude to boost supplies amid international prices that are “still a little bit high,” according to the country’s oil minister Ali al-Naimi.
The nation, the world’s largest oil exporter, has set aside supplies “on shore in Saudi Arabia, in pipelines, in tanks,” al-Naimi said in Tokyo today before board meetings of state-owned Saudi Arabian Oil Co., of which he is chairman.