Crude prices rose Friday

Saudi ready to supply oil on demand despite shortfall

GMT 14:42 2011 Monday ,18 April

Arab Today, arab today Saudi ready to supply oil on demand despite shortfall

Oil Minister Ali al-Naimi
Kuwait - Arabstoday

Oil Minister Ali al-Naimi Saudi Arabia said on Sunday it is ready to supply oil as demanded by customers, but acknowledged that the kingdom's output had dropped last month. "Saudi Arabia will

supply whatever customers ask for," Oil Minister Ali al-Naimi told reporters on arrival in Kuwait to attend an Asian energy ministers' meeting.
"The market is over-supplied... (and) Asian demand is very strong," he said.
But he acknowledged that the kingdom's oil output fell to 8.29 million barrels per day in March from as high as 9.1 million bpd the previous month.
The minister declined to comment on what is a "fair" price for oil.
Crude prices rose on Friday amid choppy trade, as Chinese inflation figures and events in Nigeria and Libya cast a shadow over the market.
New York's main contract, light sweet crude for delivery in May, rose $1.55 to $109.66 a barrel.
London's Brent North Sea crude for June delivery gained $1.09 to $121.80.

From Middle East Online

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