Oil Price Falls as Saudi Arabia Pressures Opec

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 in a bid to reassert the dominance of Opec against its new rivals, the shale companies in North America. Saudi Arabia’s oil minister, Ali al-Naimi, insisted Opec’s latest ministerial meeting in Vienna on Friday had been amicable, despite fears among some cartel members that a persistent oversupply of crude could push prices even lower. The price of the key Brent blend crude fell $1.62 to $62 a barrel after the meeting and compares with the $115 seen 12 months ago before traders panicked about the scale of US output growth and faltering demand.