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Saudi Arabia Says It Won’t Flood Oil Market Before OPEC Meet

  • Crude markets are ‘saturated’ with stored crude: Al-Falih
  • China, India show strong demand; Saudi refineries boost use
Bloomberg business news

Ed Morse: Mideast Can Thrive With Oil Price Below $70

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Saudi Arabia, the world’s biggest oil exporter, won’t boost output to capacity and flood the market, the kingdom’s Energy Minister Khalid Al-Falih said as OPEC members plan to meet next month to discuss ways to stabilize crude prices.

Saudi Arabia isn’t concerned about global demand in spite of a drop in prices and a slower economy, Al-Falih said in an interview with Al-Arabiya television. The country is able to pump as much as 12.5 million barrels a day of oil, he said in comments broadcast during an official visit to buyers in Asia, its biggest market, including China.