Saudi oil minister Ali al-Naimi, who wants to target US shale producers, claims latest Opec meeting was ‘amicable’ despite some exporters seeking higher prices
Saudi Arabia has bulldozed fellow members of the Opec oil cartel to hold production levels at the current level, ensuring lower crude and petrol prices should continue for the foreseeable future.
The world’s most powerful oil-producing country is determined to keep down the value of oil to try to reassert the dominance of Opec against its new rivals, the shale companies in North America.