RTE Business - Saudis say oil supply fears overdone

March 21, 2005 12:32
Saudi Arabia's oil minister Ali Al-Naimi has said his country can increase oil production by 1.5 million barrels a day to help ease rising world crude prices.

Naimi was speaking to reporters in Manila in the Philippines, where he is on a three-day visit.

The Saudi oil minister also dismissed market perceptions that oil supplies are limited. 'There is plenty of supply. What we in Saudi Arabia want is to alleviate this unnecessary concern about shortage of supply,' he said.