Now, what was that about oil shortages due to the Libyan No Fly Zones?
I don't think so.
Kingdom says oil market is oversupplied (click title to entry - thank you)
By AMENA BAKR
REUTERS
Published: Apr 17, 2011 23:45
Updated: Apr 17, 2011 23:45
KUWAIT: Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Sunday the world oil market was oversupplied and the Kingdom had reduced output, sending a the strongest signal yet that OPEC may not boost output in June to quell soaring oil prices.
Consumers have urged the exporters' group to add supply to halt the rally in oil prices that has taken crude to its highest level in 2 1/2 years amid unrest in North Africa and the Middle East, but OPEC members say there is little they can do to bring prices down.
“The market is overbalanced ... Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. 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 reporters.
Two Saudi-based industry sources told Reuters last week the kingdom had cut production....
