Saudi Arabia Oil Minister Ali al-Naimi said on Sunday the world oil market was oversupplied and that the kingdom had reduced production in March due to weak crude demand.
Oil consumers have urged OPEC to quickly add supply to the market to quell the rally in crude prices that has taken oil to its highest level in two and a half years amid unrest in North Africa and the Middle East.
Other OPEC ministers have insisted the market is well supplied and there is nothing the group can do to stop prices from going higher while there is not unmet demand for crude.
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