Market strategy working: Saudi Arabia

Vienna

SAUDI Arabia, which led Opec to refrain from cutting oil output at a November meeting, said days before the group decides policy once again that its market strategy is working.

Saudi Oil Minister Ali al-Naimi said he didn't know whether the Organisation of Petroleum Exporting Countries would agree to keep production quotas steady at a June 5 meeting. While there's a surplus in the global oil market, things are moving "in the right direction", he said on Monday.