Saudi shows determination to bring down oil prices

Tucson Post Sunday 15th April, 2012

The world's top oil exporter Saudi Arabia has said it will bring down the prices of petroleum based products, especially gasoline.

Saudi Oil Minister Ali al-Naimi has promised he will work with OPEC to accomplish the drop in prices prior to the northen summer.

Naimi, in a statement, said he was not happy to see such prolonged prices for gasoline and would try to bring prices back to around US$100 per barrel.

Crude oil has been trading on futures markets above $100 for most of the year.

The oil minister said Saudi Arabia would be ready to support the market with its spare capacity of 12.5 million barrels per day if needed.

Recently some OPEC producers, including Libya, Iraq and Angola increased output.

Canada, the United States and Russia also provided a boost to supplies.

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