SAUDI OIL MINISTER: I Don’t Care If Prices Crash To $20 — We’re Not Budging
BusinessInsider.com
DEC. 22, 2014
Saudi Arabia convinced its fellow OPEC members that it was not in the group’s interest to cut oil output however far prices may fall, the kingdom’s oil minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES).
OPEC met Nov. 27 and declined to cut production despite a slide in prices, marking a shift in strategy toward defending market share rather than supporting prices.
“As a policy for OPEC, and I convinced OPEC of this, even Mr al-Badri (the OPEC secretary general) is now convinced, it is not in the interest of OPEC producers to cut their production, whatever the price is,” Naimi was quoted by MEES as saying.
“Whether it goes down to $20, $40, $50, $60, it is irrelevant,” he said.
He said the world “may not” see oil back at $100 a barrel, formerly Saudi Arabia’s preferred level for prices, again.
The Rest…HERE
