Saudi, Norway: Oil Supply is Adequate

The world's oil supply for the global market is adequate, claims Saudi Arabia and Norway, the two largest oil exporters in the world.

The Saudi Press Agency, which released the statement on Feb. 17, stated, "The two parties noted the stability of the market in terms of the sufficiency of oil supplies." The comments were made when Saudi Oil Minister Ali Al-Naimi and Norway's Energy Minister Aaslaug Haga met in Riyadh to discuss oil supply, demand, and commercial stocks.

The comments come amid calls from Iran for OPEC to cut supplies during its March meeting.

On Feb. 18, OPEC showed the price of a basket of 12 crudes to be $91.73 a barrel on Feb. 15. This constitutes an increase in price from the $90.79 from Feb. 14, according to OPEC Secretariat calculations.

The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

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