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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.




Tags: Saudi | Oil | Output | needs | well-supplied |

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