Qatar Oil Minister Abdullah al-Attiyah said on Friday that he saw no demand for the additional crude that Saudi Arabia has pledged over the past few months
Qatar Oil Minister Abdullah al-Attiyah said on Friday that he saw no demand for the additional crude that Saudi Arabia has pledged over the past few months to pump Saudi Arabia, the world's top exporter, has promised to step up production to its highest rate in three decades in an effort to tame oil prices, which have surged nearly 50 percent this year, hitting a record high $145.85 a barrel last week.
"Even though Saudi Arabia increased production we are seeing that the demand is not there," the Qatar oil minister told Reuters during an interview at a shipyard on the South Korean coast, where he attended the launch of the world's biggest liquefied natural gas (LNG) carrier, the Q-Max Mozah.
"Saudi tried to offer extra cargoes but the refiners are full to capacity, we see they have high stocks," he said.
The kingdom has pledged to pump 9.7 million barrels per day (bpd) in July, an increase of 550,000 bpd versus May, but most refiners in its biggest market, Asia, have said they're unable or unwilling to buy anything beyond their normal volumes.