Saudi Arabia gives oil price thumbs up
OPEC might as well have just one member. Saudi Arabia is the largest crude producer in the cartel. If it does not go along with an increase or cut in production, a decision by the rest of the members won't mean much.
The Saudi oil minister telegraphed OPEC's intentions Tuesday by saying his country was happy with the current price of crude. Ali al-Naimi toldBloomberg, "The price is good for everybody, consumers, producers."