Saudi rules out raising oil output
Paris, April 11, 2008
Saudi Oil Minister Ali Al Naimi said oil markets were well-supplied and the world would continue to have enough fuel for its needs.
US crude hit a new record of $112.21 on Wednesday, but Naimi said high prices were unrelated to supply and the kingdom would continue to produce at a steady rate.
'I am not going to pull back. I'm not going to dump crude on the market,' Naimi said at a conference in Paris.
'In my perspective, the oil market is well-supplied. The price is not at that level because of any shortage in supply,' Naimi said.