Saudi Oil Minister Ali Naimi says the country’s oil stocks have risen to capacity of 80 million barrels, and the Kingdom is pumping at a rate of 10 million barrels a day.
Naimi made the comments earlier today, according to a Reuters report. Naimi and Abdullah El-Badri have previous warned of the demand destruction that could be caused by very high oil prices, and have tried repeatedly to reassure oil markets that the world is currently amply supplied with crude.
Oil prices have fallen back dramatically from a March high of over $128 a barrel in the last week, after weak US data, uncertainty following elections in France and Greece, with benchmark forward-dated Brent currently at $113.
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