Saudi Arabia Says Oil Production Cut Not to Boost Price
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Saudi Arabia denied what it said were suggestions that it cut oil production in December to push crude prices higher and accused unidentified media of misinterpreting the kingdom’s response to weaker demand.
The world’s biggest crude exporter is “strongly committed to a stable oil market” and is “optimistic that economic uncertainties will pass and growth will resume in 2013,” Ibrahim Al-Muhanna, an adviser to Oil Minister Ali al-Naimi, said today in a statement e-mailed to energy journalists.