Saudi Arabia vows to bring oil prices down

Posted Mar 20, 2012 by Katerina Nikolas
Saudi Arabia has announced it will work both individually, and in coordination with other GCC countries, to bring the price of oil down to reasonable levels.
Oil production in Saudi Arabia.
Oil production in Saudi Arabia.
The announcement was made on March 19, following a meeting of the Council of Ministers chaired by King Abdullah. Arab News reported the decision was reached as the Kingdom realized "the negative impact of rising oil prices on the world economy."
Saudi Arabia also promised to ensure an adequate oil supply to meet demand. This reiterates the position taken by Saudi Oil Minister Ali Al-Naimi last week, when he said the Kingdom was ready to work with other oil producers to offset any shortages incurred as a result of the situation with Iran. The Monterey Herald reported the minister said "Saudi Arabia and others remain poised to make good any shortfalls — perceived or real — in crude oil supply."
Following the announcement from Saudi Arabia, RTE reported oil prices have inched lower, with crude prices falling in the region of 50 cents a barrel.