Saudi Oil Minister Ali Naimi Hints At Even More Production Cuts
OPEC could make oil production cuts for the second time this year--so says the Saudi Oil Minister Ali Naimi. He says supply continues to outweigh demand. But it's not a done deal. The oil organization could wait until their December meeting in Nigeria-- to assess the impact of the October cuts--before cutting even more production.
With oil hovering near $60 a barrel--could a cut hit gas and home heating oil prices this winter?
On today's Power Lunch-- Friedman Billings Ramsey Oil Policy Analyst Kevin Book spoke about the impact. He said what we're seeing is the gamesmanship continuing. He explained that the cuts always come at the peril of Saudi Arabia and the real question is--if OPEC makes cuts--how much can the Saudi economy bear?
So is oil at a fair price? Book said it's hard to know and the factors he watches closely are how seriously the threat of war looms in the Middle East AND the weather in the U.S.
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