Allah Knows Best! Only Allah Can Set the Price of Oil, Claims Saudi Minister as Concerns Rise over Iran Oil

According to Ali Al-Naimi, "no one can set the price of oil"

DAILY EXPRESS: SAUDI Arabia's oil minister has claimed that only Allah knows whether oil prices will continue to fall.

Ali Al-Naimi said that "no one can set the price of oil – it's up to Allah."

The country has decided not to cut its levels of production – and prices could fall further if Iranian crude oil returns to the market.

Sanctions on Iran may be lifted as part of an international nuclear deal.

But Al-Naimi said: "I am not worried about Iranian crude, nor will I try to predict what the price is.

"If I were to predict, I would be somewhere else, gambling." » | Tom Parfitt | Wednesday, May 06, 2015

Saudi Oil Output to Rise in July
Photo of the Saudi Oil Minister, Ali al-Naimi, courtesy of the BBC
BBC: Saudi Arabia will increase its oil production by 200,000 barrels a day next month, its oil minister has told the United Nations.

The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah during a one-day visit on Sunday.

Last month, the Kingdom increased its production by 300,000 barrels a day in an attempt to bring down high prices.

It argues soaring prices are caused by speculators rather than oil shortages.

Oil prices fell by almost $2 on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York.

Speculative factors

After an earlier meeting with the Kingdom's King Abdullah, Mr Ban said Saudi Arabia, the world's biggest oil producer, viewed current prices as "abnormally high". Saudi Oil Output to Rise in July >>> | June 15, 2008

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”Let Them Eat Sand”
As I have been saying all along, the Saudis need us every bit as much as we need their oil. It’s high time to remind them of this fact. Remember this: Arabs respect strong people, not wimps. By behaving in a weak manner with Arabs, you get nowhere. They’ll walk all over you. Our political leaders do just that: Behave in a weak manner, and fawn. Quit it!- ©Mark

THE SHREWD ECONOMIST:
”Let Them Eat Sand” >>>

The Dawning of a New Dark Age (Paperback - UK)
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