Saudi Oil Minister Says Oil Supply Losses Will be Offset

PR Newswire

WASHINGTON, Feb. 23, 2011

WASHINGTON, Feb. 23, 2011 /PRNewswire-USNewswire/ -- The Kingdom of Saudi Arabia's Minister of Petroleum and Mineral Resources Ibrahim Al-Naimi has assured global markets that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) have the capacity of oil to offset supply losses due to crises unfolding around the world. Saudi Arabia alone currently has a surplus supply of approximately 4 million barrels per day.

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