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Dissecting Saudi oil minister Naimi’s speech

Saudi oil minister Ali al-Naimi spoke in Berlin on 4 March, giving his view of the market and explaining the kingdom’s oil policy

The speech raised more questions than it answered and highlighted the difficult position Saudi finds itself in. On one hand, Naimi thinks the kingdom’s strategy of allowing the market to correct is working, suggesting there is no need to change tack. In the same breath, though, he implied that if a “consensus” involving other non-Opec producers could be reached, the kingdom would be willing to cut; it’s just not going to do it alone.   The key extracts are below, with Petroleum Economist’s commentary on each. Italics are all ours. The full text is available here. No change in tack… Naimi: “Over the past eight months … with the market in surplus, it is Saudi Arabia that is called upon to m

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