Saudi oil minister says his country has ability to meet demand for oil, calls prices too high

RIYADH, Saudi Arabia – Saudi Arabia's oil minister says his country has the ability to meet existing and future demand for oil, seeking to alleviate concerns about supply.

Ali al-Naimi told reporters on Tuesday that the kingdom now pumps around 10 million barrels a day, and says its production capacity of more than 12 million barrels is sufficient to meet any world demand.

The minister also says current prices are too high, and the kingdom wants the per-barrel cost to fall back toward $100. Brent crude, which is used to price international varieties of oil, was trading above $113 a barrel in London on Tuesday.

Al-Naimi's comments came at the end of a meeting of Gulf Arab petroleum officials in Riyadh.