Bloomberg News

Saudi Oil Minister Naimi to Visit Australia May 11, SPA Says

May 10, 2012

Saudi Arabian Oil Minister Ali al- Naimi will visit Australia tomorrow, the official Saudi Press Agency said.

He is scheduled to speak at the Australian Petroleum Production and Exploration Association conference on May 14, according to the event program. Other speakers at the meeting include Christophe de Margerie, chief executive officer of Total SA, and the Executive Director of the International Energy Agency Maria Van der Hoeven.

The oil minister of the world’s biggest crude exporter has repeatedly said in recent weeks that prices are too high given that there is no lack of supply. The kingdom produced 10.1 million barrels a day of oil last month, the highest in at least 30 years, as it seeks to calm prices.

Crude dropped for a seventh day in New York, its longest run of declines since December 2009. Futures for June delivery fell as much as 73 cents to $96.08 a barrel in electronic trading on the New York Mercantile Exchange and were at $96.49 as of 11:57 a.m. London time. It slid 20 cents yesterday to $96.81, the lowest close since Feb. 2. Prices have fallen 2.4 percent this year.

The Organization of Petroleum Exporting Countries, which produces 40 percent of the world’s oil, said that global crude supplies are outpacing demand levels. OPEC, scheduled to meet next month to decide the group’s output levels, is producing 8.3 percent more than it considers necessary this quarter, data released today by the Vienna-based group show.

Al-Naimi was in Tokyo this week for board meetings of Saudi Arabian Oil Co., of which he is chairman.

To contact the reporter on this story: Ayesha Daya in Dubai at adaya1@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net


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