Al-Naimi was the architect of the Saudi plan in November 2014 to ramp up oil production at will as global oil markets were starting to become saturated instead of letting the kingdom play its traditional role of global oil swing producer and stabilize markets. It’s that decision that has roiled global oil markets for the past two years. Ali Al-Naimi, now 81-years old, served as the country’s oil minister for 21 years until his forced retirement in May. He writes that the best way to re-balance the market is to still let supply and demand fundamentals and prices work. He adds that oil markets are much bigger than just OPEC, while the Saudis tried, after the oil supply glut gathered momentum, to bring all oil players together, both OPEC and non-OPEC members, to reach a consensus.

Source: Forbes December 04, 2016 09:21 UTC