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Oil market balanced, says Saudi minister

Dhahran, October 8, 2011

Global oil market supply and demand is balanced, Saudi Oil Minister Ali al-Naimi said on Saturday, adding that the world's largest oil exporter would continue to supply all the crude as per customers demand.

He said Saudi Arabia had supplied 9.3 million barrels of oil a day in September, down from 9.8 million bpd in August.

On being asked by reporters if global oil markets are balanced, the Saudi minister said, 'Obviously it is.'

'Demand is always fluctuating but our position is that we will supply whatever our customers ask for. We will always continue to meet the demands of customers,' he added.-Reuters




Tags: Saudi | Oil | Crude | pump | oil market | balance |

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