Saudi Oil Minister Downplays Concerns About Oil Price Drop

Brent crude hit an intraday low of $97.60 on Wednesday, its weakest level since April 18, 2013.



Saudi Oil Minister Ali al-Naimi on Thursday played down concerns about the recent fall in oil prices below $100 per barrel.

“Have you ever seen me concerned?” Naimi said when asked if the fall was a matter for concern.

“This is not the first time prices change, they always change. It’s a dynamic process,” he told Reuters.

The Kingdom’s current output is around 9.6 million barrels per day (bpd), according to the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude for October delivery was down for a sixth straight session, off 15 cents at $97.89 per barrel by 0620 GMT. It hit an intraday low of $97.60 on Wednesday, its weakest level since April 18, 2013.