Ali Naimi, Saudi Arabia’s powerful oil minister, made a rare public intervention yesterday, declaring that high oil prices were “unjustified” and vowing that the kingdom would boost output by as much as 25 per cent if necessary.
As the west’s stand-off with Iran intensifies, oil prices have rallied this month to a post-2008 peak of $128 a barrel, with markets bracing for European Union sanctions on Iranian crude that could knock out a chunk of global supply.
Speaking to reporters in the Qatari capital Doha, Mr Naimi said he wanted to “dispel this pessimism in the market” and the widespread fear that the world could see a repeat of 2008’s price rise that was a harbinger of the global recession.
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