Saudi, Iraqi defense ministers discuss regional situation in phone call    Jeddah airport serves over 5.3 million passengers during 5-week peak Umrah season    Woman becomes first in UK to give birth after womb transplant    KSrelief signs agreement to care for orphans in earthquake-affected areas of Syria    Saudi stocks extend rally as TASI hits 11,500 points    Supreme Court pauses midnight deadline to return man mistakenly deported to El Salvador    Beijing vows to 'fight to the end' as Trump threatens 50% more tariffs    US in direct nuclear talks with Iran, Trump says    Six cases of child malnutrition found in Samos migrant camp, medical charity says    Women make up 20% of e-sports players in Saudi Arabia    IMF Chief lauds Saudi Arabia for its prudent leadership of IMFC    First baby born in UK to woman with transplanted womb    Pakistani star's Bollywood return excites fans and riles far right    Saudi Arabia highlights long standing relationship with UNESCO during Executive Board meeting    Princess Haifa: Sporting events draw 14 million tourists with SR22 billion spending in 2024    Ithra to showcase its art collection at Riyadh Art Week    6.8 million people travel via four Saudi airports during 2025 Umrah season    The Seven Dogs wraps filming in Riyadh with a budget exceeding $40 million    Saudi U-17s qualify for 2025 FIFA World Cup after win over Thailand    Al Qadsiah and Al Ettifaq share spoils in tense Eastern Derby stalemate    Benzema rescues Al Ittihad with stoppage-time equalizer in thrilling Jeddah Derby    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Naimi expects oil market to balance, prices to stabilize
Published in The Saudi Gazette on 05 - 03 - 2015

BERLIN — Saudi Arabia's Oil Minister Ali Al-Naimi said on Wednesday he expected oil prices, which hit a near six-year low in January, to stabilize, signaling cautious optimism about the market outlook.
Giving a speech in the German capital, Naimi also urged non-OPEC producers to help balance the oil market, saying it was not up to Saudi Arabia to subsidize higher-cost producers and that circumstances required non-OPEC to cooperate.
"Going forward, I hope and expect supply and demand to balance and for prices to stabilize," Naimi said. "Global economic growth seems more robust."
The comments are a further sign OPEC's top producer is sticking to its policy to defend market share. Last month, Naimi signaled satisfaction with developments, saying he saw oil demand growing and that markets were "calm".
Oil was trading just above $60 a barrel on Wednesday, up more than 30 percent from a near six-year low close to $45 on Jan. 13.
Prices collapsed from $115 in June due to oversupply, in a decline that deepened after Saudi Arabia and the rest of the Organization of the Petroleum Exporting Countries at a November meeting refused to cut output.
At the meeting, Saudi Arabia and its Gulf allies argued that the group needed to ride out lower prices in order to defend market share against higher-cost shale oil and other competing supply sources, rather than cut output.
Officials from Russia and some other non-OPEC nations held talks with OPEC ministers on the sidelines of the meeting. But no agreement on cutting supply was reached, OPEC left its output steady and prices fell further. Oil's drop has hurt smaller OPEC members and hit Russia's economy hard. Some in OPEC continue to lobby for output cuts and an emergency OPEC meeting.
But Naimi on Wednesday said Saudi Arabia would not act alone. The next OPEC meeting is not until June.
"In cooperation with many countries we have moderated production levels to improve the market situation. But now the situation is different. We need every major producer to cooperate," he said.
"It makes absolutely no sense for the most efficient producers to be the ones to cut production when we are only 30 percent of the producers." He defended OPEC's November decision and said Saudi Arabia would not cut its output unless buyers asked for less.
"In November, OPEC made an historic decision, it did not interfere in the market. I think history will prove that this was the correct path forward," he said. — Agencies


Clic here to read the story from its source.