Middle East Economic Survey


No 27



Naimi Says Oil Prices Fair, Sees No Change In July Output

Saudi Arabias Oil Minister Ali Naimi said on 30 June that present oil prices were fair and the kingdom saw no reason to alter its June oil production level of 9.1mn b/d in July. I believe the current prices are fair and there is no reason to take any measures either to decrease or increase the production, he said. The OPEC Basket price stood at $32.68/B on 30 June. Previously, Mr...