From businessweek.com
Saudi Arabia’s oil minister says the current high oil price is unjustifiable and that speculation over the future oil markets is mainly behind the hike.
Ali Naimi told reporters the lower demand for Saudi oil in March compared to February was a sign of an existing surplus on the global market.
He says large quantities of oil were available as commercial stockpile or surplus production in some oil-producing countries.
Naimi spoke after a meeting on Tuesday with Dutch Economic Affairs Minister Maxime Verhagen.
Saudi Arabia is the world’s largest oil exporter, with the capacity to pump 12.5 million barrels.
In March, the kingdom cut daily output to 8.3 million, from 9.1 million barrels in February.
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