DUBAI, United Arab Emirates — Saudi Arabia's oil minister says the global oil market is oversupplied, dampening hopes OPEC will soon boost its output in an effort to bring down prices.
Ali Naimi was quoted by the official Saudi Press Agency late Sunday in Kuwait saying that the kingdom can meet consumer demands in time of need, but for now the market has too much supply.
He said Saudi Arabia cut daily output to 8.3 million in March from 9.1 million barrels in February due to what it sees as excess supply. He said output will likely rise again in April.
Saudi Arabia has the capacity to pump 12.5 million barrels. The kingdom is the world's largest oil exporter and is seen as the unofficial leader of the 12-nation Organization of the Petroleum Exporting Countries. (AP)