| Saudi Arabia’s oil minister Ali al-Naimi Wednesday denied his country was waging a price war on U.S. shale producers and reasserted OPEC’s relevance, arguing that its actions have helped crude prices stabilize in recent weeks. “Some speak of OPEC’s ‘war on shale,’ others claim ‘OPEC is dead.’ Theories abound. They are all wrong,” Naimi said.
Naimi, an influential figure in the Organization of the Petroleum Exporting Countries, who often makes terse, sometimes opaque, remarks to reporters, used the speech to issue a lengthy and unusual defense of Saudi oil policy since crude prices began collapsing last summer...............................................Full Article: Source
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