President Obama may be traveling the country this week to tout his energy policy, but the oil market’s attention is focused on Saudi Arabia and its production plans.
The kingdom’s oil minister insisted this week that oil markets are amply supplied and that it stands ready to boost output. Its council of ministers asserted that excessively high petroleum prices threaten the global economy and that a downturn would lead to an abrupt pullback in prices, hurting the interests of oil exporters and consumers.
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