Saudi Arabia Takes Lesson From History

OPEC’s November decision not to intervene in oil markets was historic, and time will show it was the correct path, Saudi Arabian Oil Minister Ali Naimi said this week. Dismissing talk that Saudi Arabia and OPEC had declared war on shale oil or that the shift in policy spelled the death of OPEC, Mr Naimi made clear that the kingdom and its OPEC allies would no longer subsidize higher cost producers by ceding market share.

Speaking at the...