Minister Al-Naimi does not expect OPEC to raise output ceiling

June 11, 2014

Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi reiterated today in Vienna before the 165th meeting Ministerial Council of the Organization of Petroleum Exporting Countries (OPEC) that the world oil market is balanced and prices are good for producers and consumers.  Minister Al-Naimi expected that OPEC will maintain its current production ceiling.  He added that the Kingdom has a capacity of 12.5 million barrels a day and that Saudi Arabia can meet any additional demands.