OPEC is meeting in Vienna. So far, the news coming out isn’t particularly exciting–the cartel is pleased with the price of oil, it doesn’t plan on changing its output targets.
The group will be holding its official meeting in a bit, but ahead of that, the FT’s Energy Source rounded up some good quotes Saudi Oil Minister Ali Naimi gave reporters this morning:
On High Oil Inventories:
“It doesn’t make any difference. The world will eventually need it [oil],”
“The price is not going to fall. It has nothing to do with stocks.
“Stocks have no bearing on price. You must realise there is a fundamental change in the market.”
“That [52 days of demand covered by inventories] would be too tight…that would tighten the market too much,”
On Economic Growth:
“That is what will drive the price. Oil today is a commodity like equities, stocks and so forth.”
“Economic growth is the name of the game.”
On Saudi Arabia’s goal to ensure prices don’t again spike:
“No. No. We will bring it down.”
“With all the spare capacity we can do it.”
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