SAUDI ARABIA --- Ali al-Naimi, Saudi Arabia's oil minister and OPEC's most authoritative voice, this week rejected calls for an emergency OPEC meeting to address declining crude oil prices.
According to a report in the New York Times, the Saudi oil minister's remarks stifled speculation that OPEC was considering new production cuts to tighten supply and raise prices. Prices have slid by about 16 percent since the beginning of the new year.
Venezuela and Algeria had reportedly requested the emergency meeting. The next regularly scheduled OPEC meeting is March 15.
Originally posted on Fleet Financials