World oil supply ’very adequate’: Saudi minister

AFP - Saudi Oil Minister Ali Naimi said on Tuesday that crude oil available in the global market is "very adequate" and that the kingdom has extra output capacity of 3.5 million barrels per day if needed.

"Current supplies in the market are very adequate, and there is an extra output capacity that could be used it needed," he was quoted by state news agency SPA as saying.

"Recent crude prices do not reflect the fundamentals of supply and demand in the oil market as much as they are caused by financial speculation," he added.

Copyright © 2011