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Commodities Briefing - Categorized | Oil, People, Price Watch more

High oil price not justified: Al-Naimi

Posted on 12 September 2012

Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday the high price of crude was not justified by market fundamentals, stressing that supply and demand are balanced.
“Saudi Arabia is concerned about rising oil prices in the international oil market. The current high price of oil is simply not supported by market fundamentals,” he said in a statement. “The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate,” Al-Naimi added………………………………………..Full Article: Source

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