Current oil production meets demand-Saudi Arabia

The current level of oil production is fulfilling market demand, Saudi Arabia’s Oil Minister Ali al-Naimi said in remarks carried by state news agency SPA on Monday.

“(Saudi Arabia) is permanently seeking to take into consideration the interest of consumers and producers and to achieve a balance between supply and demand,” SPA quoted Naimi as saying at a cabinet meeting chaired by King Abdullah.

“The kingdom sees that quantities produced at the present time fulfil the market needs … and that the production capacity can meet any additional and real energy needs,” he added.

Reuters