Ali Bin Ibrahim Al Naimi
,Minister of Petroleum & Natural Resources,Saudi Arabia
The man who is responsible for delivering Saudi Arabia’s stance to OPEC, Ali Bin Ibrahim Al Naimi has been resolute in position that the group should maintain output in the face of falling prices. Al Naimi has been credited with pushing through the decision not to cut, choosing instead to shore up the Kingdom’s share of the market. Speaking in February, the Minister said that the demand for oil was growing and that a calmness had returned to the market.
The decision to maintain output has been the subject of much vitriol, but Al-Naimi has called on non-OPEC members to cooperate in the effort to raise the price of crude.
“GCC countries have made have made serious efforts to balance oil prices, but the prices are set by the market,” he said. “We refuse to take responsibility alone because OPEC produces 30% of the market, and 70% comes from the outside.”
The next OPEC meeting is due to take place in June, but with Saudi Arabia unwilling to give up its market share to other oil producing nations, Naimi will be in the enviable position to force through a position which will once again benefit Saudi Arabia.
