Saudi’s Naimi sees prolonged period of high oil prices

Saudi Arabia's Oil Minister Ali  al-Naimi said he expected a prolonged period of high oil prices and the world's largest crude exporter stood ready to use its spare capacity to supply the market with any additional requirements.

"We are seeing a prolonged period of high oil prices," he said in a statement on Friday during a visit to Seoul. "We are not happy about it. (The Kingdom of Saudi Arabia) is determined to see a lower price and is working towards that goal."

The kingdom had hiked output to 10 million barrels per day  in April, Naimi said. Output of 10 million bpd would be the highest since November, when the kingdom pumped more than it had done for decades.
 

The minister also said other OPEC producers were raising output, which, along with increased Saudi production, is ensuring that global oil inventories are at full capacity.

"The global inventories in Saudi Arabia and around the world are full," he said. "Other OPEC members, such as Libya, Iraq and Angola, have also taken strides towards increasing output."