Hmm. Evidently the Saudis know the value of an efficient market and are pressing ahead with their high-production strategy. That means lower prices for everyone! WooHoo.
"Naimi also said the Saudis might boost output instead to grow their market share and that oil "may not" trade at $100 again. "The best thing for everybody is to let the most efficient producers produce," he told a conference in Abu Dhabi at the weekend."
Oil slides as Saudi Naimi tells market to forget OPEC cuts - Yahoo Finance
"Naimi also said the Saudis might boost output instead to grow their market share and that oil "may not" trade at $100 again. "The best thing for everybody is to let the most efficient producers produce," he told a conference in Abu Dhabi at the weekend."
Oil slides as Saudi Naimi tells market to forget OPEC cuts - Yahoo Finance