In advance of tomorrow’s Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Saudi Arabia and other members indicated that they would keep output near a 25-year high, satisfied their policy is steering oil prices lower and easing pressure on consumers, the Arab News reported today.
The Saudi-driven policy has been successful, and demand continues to be met as refiners store away OPEC crude. The price of oil has declined more than $12 from its record high of $78.40 a barrel July 14.
“OPEC in general and Saudi Arabia in particular have done their best to supply the world with what it needs energy wise so you see inventories today are very comfortable, prices are coming down and I hope no one is concerned about a shortage of supply,” said Minister of Petroleum and Mineral Resources Ali Al-Naimi on his arrival in Vienna, as quoted in the Arab News. “We are very happy with the situation.”