Saudi Arabian oil minister Ali al-Naimi: the market should determine oil prices

Market news

27 October 2015

Saudi Arabian oil minister Ali al-Naimi: the market should determine oil prices

Saudi Arabian oil minister Ali al-Naimi said on Tuesday that the market should determine oil prices.

"Prices are a function of supply and demand," he said.

al-Naimi also said that the country was considering to cut energy subsidies. This decision would lead to a rise its domestic energy prices. Domestic energy prices in Saudi Arabia are among the lowest in the world.

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