- OPEC and Saudi Arabia have been unfairly criticised over oil price drop
- Fall in prices is just market reality
- Says we see calm markets because this benefits everyone
- Circumstances require other non OPEC countries to cooperate but they are not currently doing so
- Theories of OPEC war on shale are wrong
- Oil price not just about supply and demand
- Oil oversupply caused by new output and recession
- Oil price is stabilising
- Saudi role isn't to stabilise high cost oil producers
- Hopes that oil demand and supply will balance
- Says history will prove OPEC's decision was correct
- Saudi quest for oil market share is just to meet customer demand
The comments are having little effect on Brent which is hovering around the 60.40/90 range today
62.50 is becoming a bit of a sticking point for further gains since the run up from the lows
Brent crude daily chart
