Saudi Arabia is producing around 10mn b/d and is storing 80mn barrels to meet any sudden disruption in supplies, Oil Minister Ali Naimi said Tuesday. Despite the recent price declines, Mr Naimi told reporters during a trip to Japan that oil prices were still high, adding: “In addition to our spare capacity of 2.5mn b/d , we have on the grounds, in tanks and in pipelines, about 80mn barrels of inventory. These are working inventories,” he said.