VIENNA--Saudi Arabia's oil minister on Monday suggested current
high levels of supply in global oil markets aren't unusual, but
declined to comment on the kingdom's likely stance at this week's
crucial meeting of the Organization of the Petroleum Exporting
Countries.
Speaking to reporters as he arrived in Vienna ahead of
Thursday's OPEC gathering, Ali al-Naimi asked, "Is this the first
time we have oversupply?" That came in response to a question about
the current balance between supply and demand in oil markets.
Some OPEC members, such as Venezuela, have been calling for
several months for the group to cut its oil production following a
30% fall in oil prices.
But asked what course Saudi Arabia, OPEC's largest producer,
would support, Mr. al-Naimi said, "Ror the last 20 years, you have
been asking me questions. May I ask you a question, what should
OPEC do?"
Access Investor Kit for Dominion Resources, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US25746U1097
Subscribe to WSJ: http://online.wsj.com?mod=djnwires