Saudi Oil Minister Meets U.S. Producers

Ali Al-Naimi, the Saudi Oil Minister met U.S. shale oil producers last week for the first time since Saudi announced their policy to increase oil production. While U.S. shale oil production has contributed to oversupply, most producers blame the 70% drop in oil prices on Saudi Arabia’s policy decisions. Al-Naimi addressed the HIS CERAWeek Conference in Houston on Feb 16. In the past Al-Naimi has maintained that the policy was “not an attempt to target any specific countries or companies, merely an effort to protect the kingdom's market share.”