Saudi’s Naimi: No Plans To Reduce Output Despite Rising Exports From Iraq, Others

Saudi Oil Minister Ali al-Naimi said on Monday that OPEC’s largest producer has no plans to reduce output despite rising shipments from Iraq and other producers.

“People like our oil – why reduce?” Naimi said in Seoul, when asked if the Kingdom will reduce output to accommodate rising output from other producers.

Naimi also said that total global oil demand was steady.

“Don’t worry about individual countries – look at the total,” he said.