Saudis Insist on Maintaining Global Oil Market Share

Saudis Insist on Maintaining Global Oil Market Share

Saudi Arabia will maintain its oil market share and the idea that it would cut production, while other countries increase it is "not a realistic one," Saudi Foreign Minister Adel al-Jubeir said on Saturday.
"Our view is market forces determine the price of oil and we will maintain our market share and markets will recover," he told a group of journalists in Paris, Reuters reported.
Jubeir followed in the footsteps of Ali al-Naimi, the kingdom's oil minister, who categorically rejected last month the idea of a production cut by the largest producer of the Organization of Petroleum Exporting Countries.
Naimi said at the time that "There is less trust than normal" and that "not many countries are going to deliver."
Oil prices have crashed about 70% over the last 18 months, with much of this decline attributed to a glut of supply spearheaded by increased production from US shale producers.

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