Saudi Arabian Oil Minister Ali Al-Naimi Claims Excess Capacity
Saudi Arabia has 3.5M BPD spare Crude Oil capacity
Saudi Arabian Oil Minister Ali Al-Naimi said Monday that the kingdom has a spare output capacity of around 3.5M BPD (barrels per day).
Al-Naimi told the Fourth Asian Energy Minister's Roundtable meeting held in Kuwait that Saudi Arabia has maintained the capacity to produce 12.5M BPD, which is roughly 3.5M bbls above its current production level.
The World's largest Crude Oil exporter has cut its daily output from 9.125M BPD in February to 8.292M BPD in March, which Al-Naimi said is proof of the "Over-supply" in the Crude Oil market.
He also said 67% of the Kingdom's Crude were shipped to Asian countries, and demand in the Asia-Pacific region will rise in the coming years.
Energy ministers from Asian Oil producing and consuming countries met Monday in Kuwait City to discuss the latest energy market as Crude Oil prices rose about 20% on the unrest in the MENA region since January.
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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