Commodities Update
Saudi comments point to lower oil prices
The publication of OPEC’s monthly oil market report today has been overshadowed by two comments from Saudi Oil Minister Ali al-Naimi. First, Mr al-Naimi confirmed that Saudi output could be increased to offset any shortfall in global supply due to sanctions on Iranian exports. Second, he suggested $100 as a desirable price for a barrel of crude, well below the current OPEC basket price of around $111.
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