Monday, October 11, 2004

Saudi Oil Minister Hints at Manipulation

Interesting statement made in this Reuters story on oil prices:
Saudi Oil Minister Ali al-Naimi said price levels were unjustified and should come down after November's U.S. presidential elections.

``There is no justification for it to be where it is. This is a political year and this may have some influence,'' he said.

Naimi reiterated that top world exporter Saudi Arabia could pump an extra 1.5 million barrels per day if required. Oil traders say that extra supplies of the kingdom's high-sulfur crude can do little to help.

If George Soros is a manipulator of currency, then why not the oil market?