“If you believe Hormuz will close, I will sell you the Egyptian pyramids.” So said Ali Naimi, Saudi Arabia’s oil minister, in Doha on Tuesday – part of a concerted effort by the kingdom to pour cold water on red-hot oil prices.
Mr Naimi was speaking at a briefing in Doha designed to convey a simple message – oil markets were in the grip of an unjustified “pessimism” that he was determined to dispel. “We really don’t understand why … prices are behaving the way they are,” he said.
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