(MENAFN- Saudi Press Agency) During the current oil price falls, OPEC and the Kingdom of Saudi Arabia, in particular, were subject to detrimental and unfair criticism due to what we can say a natural response in the market, Al-Naimi said.
He recalled that OPEC has last November taken a historic decision not to interfere in the market, leading some to make wrong speculation as why the cartel has opted to this decision which will, for sure, prove correct in the future.
As regards Saudi Arabia's oil policy, he confirmed that nothing new has taken place. Our endeavor to bring about a stable market was, is and will remain the same, Saudi Arabia's minister of petroleum and mineral resources stated. To this extent, he recalled Saudi Arabia's relinquishing policy when the market witnessed severe shortages in the past. He also recalled that when the market witnessed huge surplus of production, some circuits demanded that Saudi Arabia shrink its production to make a balance in the market, a wrong measure Saudi Arabia took in the past and will not repeat as it is not its business to support high-costive producers at the expense of its share in the market, he added.
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