Oil prices ‘too high,’ says Saudi oil minister

摘要

Tokyo—Oil prices are “too high” and need to come down, Saudi Arabian oil minister Ali Naimi told reporters in Tokyo May 8. But Naimi, whose country is the world’s biggest crude exporter, did not say how much prices, currently around $112-$113/b for North Sea Brent and $96-$97/b for US light crude futures, needed to fall. Naimi, speaking just ahead of a meeting with Japanese minister of economy, trade and industry Yukio Edano, also said Saudi Arabia was currently producing 10 million b/d of crude oil and had spare capacity of 2.5 million b/d.