Ali Naimi

2 Stories

Saudi Oil Chief: Cheap Oil Isn't a Conspiracy

As neighbors worry Saudis are depressing prices

(Newser) - Saudi Arabia's oil chief today dismissed allegations that his kingdom conspired to bring down oil prices in order to harm other countries and told a summit of Arab energy leaders that he was confident the market would stabilize. The kingdom, which is dependent on oil revenues, is able to... More »

OPEC Cuts Oil Production

Bid to halt price slide after summer high

(Newser) - The international oil cartel OPEC announced today it's reducing production by more than half a million barrels a day, the Financial Times reports. The decision by the cartel, which controls 40% of world oil production, stunned most analysts. The move comes as oil prices, after spiking to an all-time high... More »

2 Stories