Saudi oil official sees no grounds for price rise

The governor of Saudi Arabia's state-run hydrocarbons company, Petromin, was quoted as saying an increase in oil prices was not justified. Abdel Hadi Taher said Saudi Arabia "does not see immediate market factors to justify new oil price hikes," but he did not elaborate. He was speaking in an interview with the English-language daily Arab News and the London-based Arabic newspaper Ash Sharq Al Awsat.

Oil prices are due to be reviewed by OPEC at a ministerial meeting in Bali, Indonesia, later this month.

Mr. Taher said current erratic oil price behavior was due to psychological effects of the Gulf war, rather than by supply-and-demand factors.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK