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Tuesday, 18 October 2016

As OPEC Waits on Russia, Naimi Memoir Offers Cautionary History - Bloomberg

As OPEC Waits on Russia, Naimi Memoir Offers Cautionary History - Bloomberg:

"Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
The comments, made in his forthcoming autobiography ‘Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil,’ provide a cautionary history as OPEC waits on a pledge this month by Russian President Vladimir Putin to freeze or cut production.
Al-Naimi writes in the book that one of his aides asked him in November 2014 what was the chance of leading non-OPEC countries Russia, Mexico, Kazakhstan and Norway cutting oil production."



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