No End In Sight To Record Saudi Drilling

Saudi Oil Minister Ali Naimi is keeping to his word as the kingdom continues to invest in its energy industry, forcing rival 'high-cost'producers to reduce output as oil prices plummet.

Speaking in Istanbul on 2 October at a G20 meeting, Mr Naimi told energy ministers that the Opec kingpin would be pressing on with its investments in all phases of the oil and gas sector, despite the plunge in oil prices (MEES, 9 October).

Since steering Opec toward its November 2014 decision to pursue market share over oil prices, Mr Naimi has always maintained two things: that he stands by the policy fully, and that the lower price environment we are now experiencing does not worry him. (CONTINUED - 357 WORDS)


table Abu Dhabi Rig Count Highest In 32 Years As Saudi Drilling Rebounds To Near-Record Levels