Saudi Says Won’t Dump Oil On Market; OPEC Sees Weak Demand

PARIS -(Dow Jones)- Oil Minister Ali Naimi said Thursday Saudi Arabia won’t put extra crude onto the market to take advantage of high prices as the Organization of Petroleum Exporting Countries’ data head warned its monthly oil market report due Tuesday would show weaker-than-expected demand.

“I’m not going to dump oil into the market,” Naimi told reporters at a Petrostrategies oil summit in Paris.

“If there are buyers, then we will sell him more oil,” Naimi said. “From my perspective, I believe the market is well supplied. Inventories are building…the world is producing more oil than is being consumed.”

Saudi Arabia is OPEC’s largest producer.

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