Saudi Arabia continues to talk about “the emphasis that the kingdom places on the stability of the international oil market”, but prices have dropped by 45pc since June. Endorsing Opec’s decision not to cut output at its 27 November ministerial meeting, the Saudi government says that “co-operation among producers within the organisation and outside is part of a joint responsibility to achieve such stability”. Riyadh says its oil policy “is based on economic criteria with the aim of achieving the kingdom’s short-term and long-term economic interests, as well as the interests of producers and consumers”. Balancing those interests will define its commitment to that policy.
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