Naimi: Saudi Arabia To Stay Above Iran, Iraq Fray

Saudi Arabia is not losing any sleep over the potential for a decline in oil prices should Iraq and Iran adopt aggressive sales tactics. Nor over the surge in US shale oil production, Saudi Arabian oil minister Ali Naimi said in Vienna this week.

The following is a partial transcript of remarks by Mr Naimi ahead of the 4 December OPEC meeting in Vienna:

ON SUPPLY AND DEMAND

Q: The call on OPEC crude is lower in the first half of next year. Is there a need to cut production?

A: I do not think there is a decrease in the call on OPEC.

Q: OPEC’s latest report puts it at less than 30mn b/d.

A: These are projections. We do not know what the facts will be.

Q: Do you have room to cut in 2014?

A: To cut? Why?

Q: You don’t think in 2014 a cut is possible? (CONTINUED - 1090 WORDS)