Saudi Arabia Spits In The Face Of Everyone Who Wants OPEC To Pump More Oil

Ali Naimi

So much for more pumping of oil…

India Times:

Saudi Arabia’s oil minister says the global oil market is oversupplied, dampening hopes OPEC will soon cut its output in an effort to bring down prices.

Ali Naimi was quoted by the official Saudi Press Agency late Sunday in Kuwait saying that the kingdom can meet consumer demands in time of need, but for now the market has too much supply.

No wonder Saudi Arabia isn’t matching Libya’s supply cuts >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at