Saudia Arabia’s Oil Minister has said that the global market is oversupplied with crude oil.
Oil prices fell more than $1 a barrel to less than $123 after the globe’s top exporter, Saudi Arabia, reduced its output because it lacked buyers.
Saudi Arabia, who had produced enough to compensate for the loss of Libya’s contribution, cut their own production by 800,000 barrels a day.
Minister Al-Naimi said: “Our production in February was 9,125,100 barrels a day. In March, it was 8,292,100 barrels. It will probably go a little higher in April.”