Kingpin: Saudi Oil Minister Ali al-Naimi
Oil fundamentals healthy Naimi says
Saudi Oil Minister Ali Naimi said in remarks published today he saw no need to change production because oil market fundamentals were "healthy", and blamed record high prices on "tremendous speculation", a London-based newspaper reported.
"This speculation has no link to the stable market fundamentals, which do not need any action," the London-based daily al-Hayat quoted Naimi, Opec’s most influential voice, as saying in an interview published ahead Opec's meeting later today.
"Why then should any new action be taken if the health of the market that we follow...is sound?"
Naimi has not commented publicly on Opec policy since arriving in Vienna on Monday, but other ministers have said they are inclined to maintain current output levels, resisting pressure to pump more oil to bring prices lower, Reuters reported.