With consumer concerns growing over the economic risks posed by high oil prices, Opec kingpin Saudi Arabia has been at pains to make two points absolutely clear - that global supply is meeting and most likely exceeding demand, and that there should be no doubts over the kingdom's stated capacity of 12.5 million barrels per day. On this basis, and notwithstanding geopolitical anxieties and the impact of speculation, fundamentals simply do not justify current prices, Saudi Oil Minister Ali Naimi told a hastily arranged press briefing in Doha last week. "We have all this pessimism about the ability to supply," Naimi said.
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