Contrary to public statements, Saudi Arabia is concerned about a further decline in global oil prices, already at their lowest in over two years. Yet the world’s unofficial swing producer is unwilling to shoulder sole responsibility of balancing oil markets without a contribution from other OPEC members, a senior Gulf source tells MEES.

Saudi Arabia seems likely to wait out the current slide in oil prices that Saudi oil guru Ibrahim al-Muhanna does not see falling below $90/B in the near term. (CONTINUED - 2379 WORDS)