Saudi Oil Minister Says Market Is Oversupplied.

Saudi Arabia's oil minister said on Sunday that the country had reduced output by 800,000 barrels a day in March, sending the strongest signal yet that the OPEC oil cartel would not act to quell soaring prices. Consumers have urged OPEC's member countries to pump more crude to put a price cap on oil, which surged to more than $127 a barrel this month, its highest level in two and a half years amid unrest in North Africa and the Middle East. [ABSTRACT FROM AUTHOR]