SUPPLY DEMAND

CGES Applauds Saudi Openness On Oil Supply

Rising Saudi Arabian production has helped drive a contra-seasonal global stock build of 1.3mn b/d in 1Q12, according to London’s Centre for Global Energy Studies (CGES). In its 23 April Monthly Oil Report, CGES notes that the Saudi Minister of Petroleum and Mineral Resources Ali Naimi said in mid-March that high oil prices were not justified by market fundamentals. However, by mid-April Mr Naimi was saying he was determined to...