April 25 (Bloomberg) -- Saudi Arabia, OPEC’s biggest oilexporter, is producing less crude than its target and globalstockpiles are likely to decline, according to Oil Minister Alial-Naimi .
The country is producing less than 8 million barrels ofcrude a day, al-Naimi told reporters today in Tokyo, where he isattending a meeting of Asian energy ministers. Stockpiles “willcome down eventually,” he said. U.S. stockpiles have climbed to the highest since September1990 even as Saudi Arabia leads the Organization of PetroleumExporting Countries’ efforts to implement a 4.2 million barrel aday reduction in oil output from the group’s September levels.The country is producing 7.79 million barrels a day, less thanits target of 8.1 million barrels a day.
Full Story: Al-Naimi Says Saudi Oil Output Below Target; Stockpiles to Fall - Bloomberg
The country is producing less than 8 million barrels ofcrude a day, al-Naimi told reporters today in Tokyo, where he isattending a meeting of Asian energy ministers. Stockpiles “willcome down eventually,” he said. U.S. stockpiles have climbed to the highest since September1990 even as Saudi Arabia leads the Organization of PetroleumExporting Countries’ efforts to implement a 4.2 million barrel aday reduction in oil output from the group’s September levels.The country is producing 7.79 million barrels a day, less thanits target of 8.1 million barrels a day.
Full Story: Al-Naimi Says Saudi Oil Output Below Target; Stockpiles to Fall - Bloomberg
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