Saudis seen letting oil market play out

April 5, 2015 11:32 AM

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Back from Saudi Arabia, Robert McNally is more convinced than ever of two things: The kingdom is determined to stick to its plans to produce oil at a high rate despite the plunge in oil prices over the last 10 months, and OPEC as a whole is unlikely to respond to the slump any time soon.

"It's more of an emphasis or determination. It's more of a volume or decibel level," McNally, who was an energy adviser to President George W. Bush and now runs an energy consultancy in Washington, said of recent remarks by Saudi Oil Minister Ali al-Naimi and OPEC officials.

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