| The global oil market is in a good shape and Saudi Arabia is happy with the current oil price, Saudi Oil Minister Ali al-Naimi said, expressing satisfaction over a Gulf Arab effort which kept prices in check. Sanctions imposed by the United States and Europe against Iran over its disputed nuclear programme had threatened to backfire by pushing up oil prices, hampering the global economy.
But OPEC heavyweight Saudi Arabia and its Gulf Arab allies have kept output high all year to keep prices under control and the extra oil has helped reverse a spike in prices that took Brent crude to $128 a barrel in March..............................................Full Article: Source
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