Al-Naimi says optimistic about future, oil price slide ‘temporary’

Updated 18 December 2014
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Al-Naimi says optimistic about future, oil price slide ‘temporary’

JEDDAH: Petroleum and Mineral Resources Minister Ali Al-Naimi sees the current slide of oil prices as temporary and he remains optimistic about the future of the industry, state news agency SPA quoted him as saying.
“I am optimistic about the future, what we are facing now and what the world is facing is a temporary situation and will pass,” he told SPA.
“The global economy, especially the emerging economies would return to sustainable growth, and therefore the demand for oil will also grow.”
Al-Naimi said it was difficult for Saudi Arabia and OPEC to reduce its output, affecting their market share, when other oil producers outside the group are raising production “at a time when it is difficult to control prices.”


Iran says no OPEC member can take over its share of oil exports -SHANA

Updated 19 August 2018
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Iran says no OPEC member can take over its share of oil exports -SHANA

  • Senior Iranian diplomat urges OPEC’s secretary general to keep the group away from the political agenda of some members
  • Iran has asked OPEC to support it against new US sanctions

LONDON: A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s share of its oil exports, Tehran’s oil ministry news agency said on Sunday.
“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” SHANA quoted Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organizations was quoted as saying.
Iran has asked OPEC to support it against new US sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies.