Saudi Arabia Said to Have No Price Target for Crude Oil for Now
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Saudi Arabia has no target for crude prices and will let the market decide at what level oil should trade for now, according to a person familiar with the nation’s oil policy, who asked not to be identified.
The comment echoes those made by Oil Minister Ali Al-Naimi, who said Nov. 26 that the oil market will “stabilize itself.” OPEC decided the next day not to cut its oil-output limits, triggering the biggest one-day drop in futures in more than three years.