Publications
Partners
Acapulco - Saudi Arabia wants stable oil markets and prices and talk of an oil price war is a sign of misunderstanding and has no basis in reality, Saudi Oil Minister Ali al-Naimi said during a visit to Mexico on Wednesday.
Naimi said that Saudi oil policy has been stable for decades and is not changing today, and that Saudi Arabia was doing its best with other producers to ensure price stability.
"Talk of a price war is a sign of misunderstanding, deliberate or otherwise, and has no basis in reality," Naimi told an event in the Mexican Pacific resort of Acapulco.
In his first public comments in months, Naimi made no mention of the kingdom's position ahead of a pivotal Opec meeting on November 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30% to four-year lows near $80 a barrel.
Instead he reiterated several of the kingdom's familiar talking points: that stable markets are good for producers and consumers; that the market, not Saudi Arabia, ultimately sets prices; and that its monthly export price formula is set according to a range of marketing factors, nothing more.
