Saudi Arabia says ultra-low oil prices 'irrational'
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THE world's biggest oil exporter Saudi Arabia declared this week that ultra-low oil prices were "irrational" as crude hit new 12-year lows under US$27 on the global supply glut.
The market's dramatic slump culminated on Wednesday with New York crude collapsing to US$26.19 per barrel - a point last seen in May 2003.
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