RealNews

Saudi Minister Says Oil Prices Too High

Saudi Arabia’s oil minister said Tuesday that currently high crude oil prices are of no long-term benefit to either producers or consumers and contribute to market instability. “Energy security cannot be sustained when prices are extreme — too high or too low,” Saudi Oil Minister Ali al-Naimi said in remarks to an energy conference. He said Saudi Arabia is committed to working with the United States to keep oil markets stable, including plans to increase production to 12.5 million barrels a day by 2009. But he said that producing adequate supplies must involve other suppliers and conservation. Full Story

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