Saudi Arabia's king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister indicated Saturday that no measures will likely be taken until OPEC meets again next month.
Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the cartel meets Dec. 17 in Algeria.
Naimi did not entirely rule out the chance that the cartel would slash output at a hastily convened meeting of OPEC members in Cairo Saturday, but he said the bloc needs to wait until the Algeria meeting to assess the impact of earlier production cuts. ... |