Saudi Arabia has 2.5 million barrels a day of spare oil capacity, meaning it could pump 12.5 million barrels a day immediately if necessary, its Oil Minister Ali al-Naimi said Tuesday, according to Bloomberg News.
Saudi Arabia
has
2.5 million barrels a day of spare oil capacity, meaning it could pump 12.5
million barrels a day immediately if necessary, its Oil Minister Ali al-Naimi
said Tuesday, according to Bloomberg News.
But Naimi also said the oil market is better supplied today than in 2008, when
oil spiked to a record $147 a barrel, and he said that, globally, the market is
already oversupplied by 2.5 million barrels a day, Bloomberg reported.
Naimi described the current supply disruptions--cited as one reason for
benchmark Brent crude trading at elevated levels around $124 a barrel--as
"miniscule," the report says, and that he doubted the strategic
Strait
of Hormuz
, through which passes 40% of global oil supply,
will ever be shut, as
Iran
has
threatened.
The world's leading oil exporter will pump 9.9 barrels a day in March and
April, Naimi said at a briefing in
Doha
,
Qatar
,
Bloomberg reported.
The minister also said it has between 40 million and 60 million barrels of
crude in domestic storage and said the country's overseas storage tanks--in
Rotterdam
, the
Netherlands
;
Sidi
Kerir
,
Egypt
; and
Okinawa
,
Japan
--are
also full.
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