Saudis Happy With Oil Market

Saudis Happy With Oil MarketSaudis Happy With Oil Market

Saudi Arabian Oil Minister Ali Al-Naimi said he was "100 percent comfortable" with the oil market, in terms of supply and demand, Tradearabia reported. Al-Naimi said "I know the oil trading sector well, today the world consumes 93 million barrels per day (bpd) and if we deduct liquids and others, the global consumption reaches 75 million bpd and the annual natural decline rate is 10 percent which means the world loses every year 7.5 million bpd so you can compensate these volumes through drilling new wells."