Saudi Wants Oil Price US$ 100 per Barrel

Maritime Activity Reports, Inc.

May 15, 2012

Saudi Oil Minister has said the kingdom would be happy with a an oil price of US$ 100 per barrel

Saudi oil minister Ali Al-Naimi has said the kingdom wants an oil price of around $100 a barrel and would like to see global inventories rise before demand picks up in the second half of the year, Reuters has reported.

"We want a price around $100, that's what we want," Naimi told reporters ahead of an industry event in Australia. "A $100 price is great." Naimi said last week that producers were pumping enough to deal with the impact of the sanctions on the oil market. He reiterated that producers were pumping 1.3m barrels per day (bpd) to 1.5m bpd above demand, which is helping to build inventory.

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