Go Finance Reporting in KUWAIT CITY - The state's largest oil exporter Saudi Arabia expressed readiness to supply the oil according to customers request. But, who would have thought if this country's oil production actually fell last month.
"Saudi Arabia will supply whatever the customer asked for," said Saudi Arabian Oil Minister Ali al-Naimi interrupted Asian energy ministers meeting as reported by AFP.
"The market is over-supply now. While the demand in Asia is very strong," he said.
But, other than that he admits that these royal oil production fell to 8.29 million barrels per day (bpd) in March from the previous 9.1 million bpd the previous month.
On different occasions, the Head of the International Energy Agency (IEA), Nobua Tanaka, said the current oil price is very high. And he said that if consumers are worried that this could damage economic growth and demand for crude oil.
"Of course the oil price is currently very high. We're worried it could have a negative impact on economic growth," said Tanaka.
"High oil prices could trigger pressure to reduce the rate of growth in demand for oil production," said Tanaka. (GoFinance)
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