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Saudi U.S. ambassador: Goal is to bring oil prices down

Saudi U.S. ambassador: Goal is to bring oil prices down

Saudi Arabia's aim within OPEC is to bring oil prices down to "reasonable levels" in order to cushion the blow of high energy costs on developing nations, the kingdom's ambassador to the United States said Wednesday.
Speaking at an event at the Center for Strategic and International Studies in Washington, Prince Turki al-Faisal said he did not expect the Organization of Petroleum Exporting Countries to hold an emergency meeting to discuss the recent slide in oil prices ahead of its next scheduled meeting on Dec. 14 in Abuja, Nigeria.
"Saudi Arabia has always had in its mind not just big consumers but more importantly also had in mind poorer countries," he said. "It is our concern to bring down prices to reasonable levels."
The diplomat's comments come at a time when other members of OPEC _ most notably Venezuela and Nigeria _ have been trying to turn around the slide in oil prices, which have fallen over 7 percent in the past two days. Some officials have spoken about the possibility of convening an emergency meeting of the group prior to the December Nigeria gathering.
Thus far, there has been no indication from Saudi Arabia _ the power broker within OPEC _ that it is supporting the unofficial, voluntary cuts already announced by some OPEC members. "OPEC will continue on its course promoting policies that are mutually beneficial to both consumers and suppliers," the prince said.
Oil prices fell again Wednesday, hitting a low of $57.75 a barrel in the wake of the Saudi comments, which further fueled the sentiment that the kingdom wasn't standing in the way of this price decline.
Al-Faisal said OPEC has met frequently and set price ranges. He also said that oil demand in both 2005 and 2006 "has far exceeded expectations."
Since the summer, however, he has observed prices falling at a time when there's an abundance of supply on the market. "OPEC will be meeting within a month or two and will discuss these things," he said.


Updated : 2021-03-09 16:24 GMT+08:00