London—How likely is OPEC to take action on supply to curb the oil price slide below the $100/barrel level that its ministers have informally embraced? If we are talking about OPEC as a group, not very likely in the near term, it would appear. On Thursday, Saudi oil minister Ali Naimi played down the sharp drop in oil prices, saying prices “always go up and down so I really don’t know why the big fuss about it this time.” Naimi, quoted by Agence France-Presse ahead of a regular meeting of oil ministers of the six Gulf Cooperation Council states in Kuwait City, also said any measures OPEC might need to take regarding the price drop “should be discussed when OPEC meets” in November.
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