Saudi Arabia is on course for a showdown with its fellow Opec members at this week’s meeting of the global oil cartel, after it called for a higher output target despite the recent drop in crude prices.
“Our analysis suggests that we will need a higher ceiling than currently exists,” Ali Naimi, Saudi Arabia’s oil minister, said in an interview with the Gulf Oil Review.
Oil prices have fallen sharply over recent months, from a four-year high of $128 a barrel in March to about $100 amid concern about the eurozone debt crisis and the slowdown in the global economy.
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