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Oil price dips as Saudi Arabia suggests keeping supplies high

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Oil price dips as Saudi Arabia suggests keeping supplies high

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The price of oil has been at its lowest in four months as Saudi Arabia’s oil minister questioned the need for a cut in supplies. Brent is down to around $37.50 a barrel and US crude is well below $41. The OPEC cartel is pumping at its highest levels in 25 years and above its official supply limits.

OPEC members meet on Friday, in Cairo, to decide their next move, given that crude oil prices have fallen by a quarter in the last six weeks. Some are worried about the effect that surplus supplies will have on prices. But Saudi Arabia’s Ali al-Naimi said the winter has not even started in the US northeast and his country will keep pumping as long as buyers require the oil.