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Saudi Oil Strategy Seen Working by Naimi as OPEC Set to Meet

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Saudi Arabia, which led OPEC to refrain from cutting oil output at a November meeting, said its market strategy is working days before the group decides policy once again.

Saudi Oil Minister Ali al-Naimi said he didn’t know whether the Organization of Petroleum Exporting Countries would agree to keep its production target steady at a June 5 meeting. While there’s a surplus in the global oil market, things are moving “in the right direction,” he said Monday upon arriving in Vienna for the gathering.