Saudi Arabia’s oil minister on Monday suggested current high levels of supply in global oil markets aren’t unusual, but declined to comment on the kingdom’s likely stance at this week’s crucial meeting of the Organization of the Petroleum Exporting Countries. Speaking to reporters as he arrived in Vienna ahead of Thursday’s OPEC gathering, Ali al-Naimi asked, “Is this the first time we have oversupply?” That came in response to a question about the current balance between supply and demand in oil markets. Some OPEC members, such as Venezuela, have been calling for several months for the group to cut its oil production following a 30% fall in oil prices. But […]