The global oil demand is growing and the market is becoming calmer, Saudi Arabia’s Oil Minister Ali Al Naimi said

Oil minister says demand growing

JAZAN, February 26, 2015 – The global oil demand is growing and the market is becoming calmer, Saudi Arabia’s Oil Minister Ali Al Naimi said yesterday, with Brent crude gaining 7.2 percent so far this year, following a plunge of 48 percent in 2014.

“We want to see calm markets,” Al Naimi, said, on the sidelines of a conference at the port city of Jazan, southwest Saudi Arabia. “Saudi Arabia will remain the largest oil exporter,” he added.

The Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, decided in November 2014 to keep oil production targets unchanged. The surplus in global crude supply is less than the 1.8 million barrels a day estimated in January, Kuwait’s oil minister, Ali Al Omair commented this month.

Global oil demand rose 2.2 million barrels a day in December 2014 from 2013, the strongest growth in 18 months, energy research company Energy Aspects said February 25.

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