Oil a ‘Little Bit High,’ Saudi Arabia’s Al-Naimi Says - Bloomberg

Oil prices are “still a little bit high” even after recent declines, Ali al-Naimi, Saudi Arabia’s oil minister, said today in Tokyo before board meetings of the Saudi Arabian Oil Co.
Saudi Arabia has 2.5 million barrels a day of spare capacity, Naimi said. The country is now storing about 80 million barrels of crude “because of the situation in the world,” he said.

* username: rupertbu