Nazer Warns against Price Increases

While Saudi Arabia does not want oil prices to decline from present levels, neither does it wish to see any "insane" increase which would drive consumers away from oil, according to the Saudi Minister of Petroleum and Mineral Resources, Mr. Hisham Nazer.

In an interview published by the Saudi daily al-Riyadh on 2 June, Mr. Nazer pointed out that previous price increases had forced consumers "to seek alternative forms of...