Top world oil exporter Saudi Arabia, which has boosted supply to cool prices, believes the market has now fallen to a fair value and sees no reason to change its production level, Saudi Oil Minister Ali al-Naimi said Wednesday. “I believe the current prices are fair and there is no reason to take any measures either to decrease or increase the production,” he told reporters in Riyadh. Saudi Arabia has been producing 9.1 million barrels per day (bpd) since the start of June in a bid to cool 21-year high oil prices.Full Story
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