IBTimes: With Crude Prices At Historic Lows, Saudi Arabia Pledges To Keep Oil Coming
A year after the price of crude went into free fall, the Kingdom of Saudi Arabia has said that it has no plans to reduce oil drilling. In comments to the Financial Times, Saudi officials said they see no reason to slow the supply of oil in advance of an international producers' meeting in December.
Khalid al-Falih, chairman of the Saudi Arabian Oil Company, or Saudi Aramco, told the FT, “The only thing to do now is to let the market do its job,” indicating that the country has no intention of providing reprieve to the battered global oil industry. The news isn't likely to help the price of crude escape from below $50, where it has held steady for most of 2013.
More News On Saudi Arabia Vowing To Keep On Pumping Oil
Saudi Arabia will not stop pumping to boost oil prices -- Financial Times
Saudi Aramco chairman Falih says no plans to cut oil production -- Reuters
Saudi Minister Says Asia Will Drive Oil Demand -- Bloomberg
OPEC's oil supplies hit 31.68 mln b/d in Sept. - Report -- KUNA
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