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OPEC members, industry analysts differ over oil supplies
05/09/2011
Sam FletcherSenior WriterEric WatkinsOil Diplomacy EditorMinisters of the Organization of Petroleum Exporting Countries expressed concern over high oil prices in world oil markets, but reiterated their claim there is no shortage of crude supplies."The market is overbalanced," said Ali I. Al-Naimi, Saudi Arabia's petroleum minister. "Our production in February was 9.125 million b/d, in March it was 8.292 million b/d. [Third-party estimates put Saudi production at 9 million b/d in January and February.]"In April we don't know yet, probably a little higher than March. The reason I gave you these numbers is to show you that the market is oversupplied," Al-Naimi told r...
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