Saudi Arabia says oil market is oversupplied

Saudi Arabia reduced its oil production in March, the Kingdom's oil minister, Ali al-Naimi, revealed yesterday, claiming the world oil market was oversupplied.

"The market has overbalanced," he said, revealing that in March, the Kingdom – the most influential member of the Opec oil cartel – produced 8.292 million barrels per day, down from 9.125 million in February.

"In April, we don't know yet, [it will be] probably a litter higher than [in] March," he added. "The reason I gave you these numbers is to show that the market is oversupplied."