Saudi's oil minister confident market will recover as prices boost demand
He blames price slide on speculators and lack of cooperation from non-Opec members
Abu Dhabi
SAUDI Arabia's oil minister on Sunday defended Opec's decision to keep output steady despite the biggest market slump in years, saying current prices would help global economic growth and petroleum demand, while Arab states would escape major damage.
Ali al-Naimi blamed a price slide to levels half of those six months earlier on speculators and what he called a lack of cooperation by major producers from outside of the Organization of the Petroleum Exporting Countries (Opec), misleading information and speculators' greed.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply