Saudis Cite Market Forces for Lower Crude Output, Deny Effort to Curb Supply

Interactive Investor – Saudi Arabia’s oil minister confirmed that his country’s massive crude-oil output has declined in recent months, but attributed the trend to a drop in demand and denied it aims to limit supply, the Wall Street Jouranal Europe reported.

In an interview after the OPEC meeting here, Ali Naimi said other cartel members are having trouble finding buyers for all the crude they are producing, at a time when global stores are near full and many refiners have closed facilities for routine maintenance…

The Saudi minister said the kingdom’s oil output fell to 9.1 mln bbls/day in April, the most recent figures available. Saudi output averaged nearly 9.5 mln bbls/day in the first quarter, according to data compiled by the International Energy Agency.
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