Saudis Will Fight OPEC for Higher Target
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Reports out today suggest that the Saudi Arabia will twist OPEC's arm for a higher production target despite a sharp drop on crude oil prices. Analysts were expecting OPEC to cut production during their meeting on June 14th.
Saudi Arabia's "recent increase in production proved, yet again, that we stand ready to take action to ensure markets are supplied, whatever the reasons," Mr. Naimi said in remarks to Gulf Oil Review.
The recent drop in prices has "acted as a type of stimulus to the European and world economy," he added.
Crude oil futures prices closed at session lows below $83 a barrel Monday, below what many OPEC members are comfortable with. United States Oil (NYSE: USO), the crude oil ETF, was lower by 2.83 percent today.
Saudi Arabia's "recent increase in production proved, yet again, that we stand ready to take action to ensure markets are supplied, whatever the reasons," Mr. Naimi said in remarks to Gulf Oil Review.
The recent drop in prices has "acted as a type of stimulus to the European and world economy," he added.
Crude oil futures prices closed at session lows below $83 a barrel Monday, below what many OPEC members are comfortable with. United States Oil (NYSE: USO), the crude oil ETF, was lower by 2.83 percent today.
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