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Saudi Oil Minister: $25 crude would be a "miracle"

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  • thchi
    DJ. Saudi Oil Min/$25 Oil -2:High Prices Aren t Due To Supply DAVOS, Switzerland (AP)--Saudi Arabia would like to see OPEC s reverence price for oil remain
    Message 1 of 1 , Jan 21, 2004
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      DJ. Saudi Oil Min/$25 Oil -2:High Prices Aren't Due To Supply

      DAVOS, Switzerland (AP)--Saudi Arabia would like to see OPEC's
      reverence price for oil remain constant at $25 a barrel, but the
      country's oil minister said Wednesday it would "be a miracle" if
      that happens.

      The Organization of Petroleum Exporting Countries, which supplies
      about a third of the world's oil and is led by Saudi Arabia, has
      said it aims to keep the price of its basket of seven crudes in a
      range of $22 to $28, equivalent to about $24 to $30 in New York. But
      futures prices have surged to more than $34 in New York, because of
      cold weather in the U.S. Northeast and crude oil inventories that
      have fallen to their lowest in almost three decades.

      "We would like to see the price stay straight within the band at
      $25," Saudi Oil Minister Ali Naimi said. "We would be very happy.
      That would be a miracle if we can do it, but I don't think we will
      ever be able to do it."

      Naimi told a group of reporters at the World Economic Forum that
      prices aren't the result of insufficient supply of oil in the
      market.
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