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Saudi Arabia sees balanced oil market

Nov. 12, 2012 at 8:32 AM

ABU DHABI, United Arab Emirates, Nov. 12 (UPI) -- Riyadh sees an oil market that's balanced and well-supplied, the country's oil minister said on news that Hurricane Sandy stalled market demand.

The Organization of Petroleum Exporting Countries, in its report for November, said world oil demand growth should hold steady at around 800,000 barrels per day through next year.

It said U.S. oil demand was lower, however, because of Hurricane Sandy, a late October storm that shuttered some energy infrastructure along the U.S. East Coast. New York City officials last week rationed gasoline suppliers to cope with fuel shortages.

Saudi Arabian Oil Minister Ali al-Naimi was quoted by Bloomberg News as saying from Abu Dhabi that Saudi Arabia produced about 9.7 million bpd last month, adding markets were "comfortable" and "balanced."

OPEC said oil demand could increase in the short term because of the onset of winter, though concerns about the global economy caused "a considerable amount of uncertainty" in demand forecasts.

OPEC said demand for crude oil from OPEC member states was forecast to average around 29.7 million bpd, a 400,000 bpd decline from the current year.

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