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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (5096)	4/27/2004 10:34:56 AM
From: mishedlo	of 116555

Saudi oil minister: Committed to $22-$28 oil price band WASHINGTON (CBS.MW) -- Saudi Arabian oil minister Ali al-Naimi on Tuesday said his country remains committed to OPEC's $22 to $28 a barrel oil price band and a $25 a barrel basket price. Speaking at a Center for Strategic and International Studies forum on global energy security, he said OPEC, however, has only a limited ability to keep prices in that range, especially when price rises are driven by rising demand. That's currently the case, he said. Rising prices have also been driven by worries about the stability of some producing countries, large hedge funds entering the commodity markets, and U.S. refinery bottlenecks, he said. The minister repeated that Saudi Arabia remains willing to invest in the construction of two new U.S. refineries. "Higher oil production does not guarantee that there is more gasoline available to you as consumers," he said.

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