Sheikh Ahmad Al-Abdullah Al-Sabah on Oil
Kuwait says Crude Oil market supply "sufficient"
Kuwait's "caretaker" Oil Minister said Sunday the Global Crude Oil market has sufficient supplies, as unrest in th MENA region has boosted Oil prices by about 20%.
Sheikh Ahmad Al-Abdullah Al-Sabah said on the eve of an Asian energy ministers' meeting that Kuwait pumps out 2.2M bbls of Crude Oil per day.
His view was echoed by the World's largest Crude Oil-exporter Saudi Arabia's Oil Minister Ali Al-Naimi, who said Sunday the Oil market is over supplied.
Saudi Arabia has said it has the capacity to make up the vacancy left by Libya, and said speculation rather than shortage pushed up the Oil prices which was relatively stable during the past year.
Oil ministers from the OPEC have decided to keep the current quota unchanged since the end of Y 2008, when the bloc reduced production to reverse the sliding prices.
Kuwait, the 4th largest exporter of the Organization of Petroleum Exporting Countries (OPEC), sits atop around 10% of the World's proven Crude Oil reserves.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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