

Al-Naimi Says World Oil Market Is Not Oversupplied as Demand Fluctuating

“There is no oversupply in the market right now,” he told reporters in Dhahran today.

The country, OPEC’s biggest producer, will keep pumping at current rates even if Libyan output returns to the market this year, as long as customers are in need of the oil, the minister said. The Organization of Petroleum Exporting Countries meets next on Dec. 14 in Vienna to decide whether it needs to alter production targets.