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Saudi's Naimi Says World Oil Market Oversupplied

Source: Reuters 4/17/2011, Location: Middle East

The world oil market is oversupplied, Saudi Arabian Oil Minister Ali al-Naimi said.
Asked if he thought oil market was in balance, Naimi said: "The market is overbalanced."

Naimi declined to comment on the current price of crude but said Saudi production "may be higher" than the 8.292 million barrels per day the kingdom produced in March.

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