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Saudis: No to OPEC Market Share War

Bloomberg reports that “Saudi Arabia’s oil minister dismissed talk of a price war as having “no basis in reality” in his first public comments since crude plunged into a bear market last month.”  

“’Saudi oil policy has remained constant for the past few decades and it has not changed today,’ Ali al-Naimi said at a conference in Acapulco, Mexico, Wednesday. ‘We want stable oil markets and steady prices, because this is good for producers, consumers and investors.’”  

“Brent crude futures plunged below $80 yesterday for the first time since September 2010 on concern OPEC is in no hurry to halt a four-month slide in prices. Saudi discounts offered to Asian customers in October triggered speculation that the Organization of Petroleum Exporting Countries’ largest member had changed policy and was seeking to preserve market share, instead of supporting prices by curbing supply. OPEC ministers will meet Nov. 27 in Vienna.”

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