Oil Plan Works Successfully for Saudi Arabia

21:05     5 March, 2015

OPEC’s strategy to keep world oil prices down in order to defend the market is still working out successfully. On Wednesday the Oil Minister of Saudi Arabia Ali Al-Naimi in Berlin said that he will cut output if only customers refuse to buy their crude, Bloomberg reports. According to the Minister the prices will stabilize as recovering demand helps the global market to rebalance.

West Texas Intermediate for April delivery added 25 cents to $51.78 a barrel, while Brent rose only 3 cents to $60.58 a barrel.

On the other hand Non-OPEC producers face higher costs and lower prices, which is not beneficial at all for them. Ali Al-Naimi challenged Non-OPEC producers to share the responsibility for tackling the current oil surplus.