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