USA: DEMAND WILL ABSORB
A possible move by the U.S. to relax its federal laws banning crude-oil exports won't cause a supply glut as demand growth will absorb any additional crude, the oil minister of top oil exporter Saudi Arabia said Thursday.
"We will be very happy to see different producers increasing their production and going into the international market," Ali al-Naimi told reporters on the sidelines of an energy meeting in Moscow. "Remember the world consumes every year over 30 billion barrels of oil and somebody has to replace that so the more oil produced the more is replaced."
Top Obama administration officials are considering…
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