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OPEC Wants Higher Oil Prices: Saudi Oil Minister - ASHARQ AL-AWSAT English Archive
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DUBAI (Reuters) – OPEC has made enough cuts to balance the market and has succeeded in “putting a floor” to oil price falls but would like to see higher prices to sustain investment, Saudi Oil Minister Ali al-Naimi told CNN.

Naimi, whose country is the world’s top oil exporter, said that oil prices of $40-45 a barrel may eliminate some investment by marginal producers and tighten long-term supply.

“I think the purpose of our meeting on May 28th is to really look at what we have done and look at what’s projected in the future,” he said, according to a transcript of the interview on CNN’s Quest Means Business.

“But from a material point of view I believe we have made enough cuts.”

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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