OPEC AND OIL PRICES

Saudi Arabia Clarifies Oil Policy 

The Saudi Oil Ministry has issued a statement with a view to clarifying the Kingdom's oil policy. Its message appears to have been widely misinterpreted in the media as signaling a softening of the Kingdom's "defense of a fair market share" policy as regards both Saudi Arabia and OPEC as a whole. However, a careful reading of the actual text of the statement reveals no such indication of a change in policy....