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.”
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