Saudi Arabia’s Al-Naimi Awaits Recovery Before Boosting Output

* username: rupertbu

Saudi Arabian oil Minister Ali Al- Naimi said the nation could boost output by as much as 4.5 million barrels-a day once demand recovers from recession.

The world’s largest oil producer is “waiting” for usage to rise after increasing capacity to 12 million barrels a day, Al-Naimi told reporters today in Cancun, Mexico, where he’s attending an oil conference. Prices in the $70-a-barrel to $80- a-barrel range are “as close to perfect as possible,” he said.

Oil surged last year as the Organization of Petroleum Exporting Countries implemented cuts to production quotas of 4.2 million barrels a day and the global economy emerged from its worst slump since World War II.