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Naimi Says Supply and Demand Don’t Justify Rising Oil Prices

Bloomberg BusinessWeek -- Saudi Arabian Oil Minister Ali al- Naimi said global supply, demand and inventories of crude don’t justify the current increase in oil prices, the official Saudi Press Agency reported.

“Saudi Arabia is concerned about rising oil prices in the international oil market,” al-Naimi said today. “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.”



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Submitted Sep 10, 2012 By: jimbeaux53
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Naimi Says Supply and Demand Don’t Justify Rising Oil Prices Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Sep 12, 2012 11:01:14 PM

Gas: b/c the administration doesn't set the price, contrary to some faux noise.
sparky808
Champion Author Honolulu

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Message Posted: Sep 11, 2012 2:33:40 PM

Thank you for posting.
MrPony
All-Star Author North Carolina

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Message Posted: Sep 10, 2012 11:43:35 PM

Gas1251 - I agree!
matthwbar
Champion Author Toledo

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Message Posted: Sep 10, 2012 11:40:45 PM

I couldn't agree more...
defiancegasman
Champion Author Ohio

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Message Posted: Sep 10, 2012 11:31:27 PM

Too much GREED controling those in power to allow this to happen!! BIG OIL spends a couple of BILLION a year to get their REPUBLICANS in CONGRESS and in return make $100's of BILLIONS in profits.
letterchunker
Champion Author Texas

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Message Posted: Sep 10, 2012 11:28:20 PM

I agree
lovetosavegas
Veteran Author Houston

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Message Posted: Sep 10, 2012 11:28:01 PM

$3.99 sounds fair to me. Too bad, can't buy Suburban now.
GAS1251
Champion Author Texas

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Message Posted: Sep 10, 2012 11:27:28 PM

If the Saudi minister recognizes it, why can't the current Administration see it?
rollercoaster
All-Star Author Hartford

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Message Posted: Sep 10, 2012 11:24:41 PM

the whole economy is upside down,why should it be any different for gas prices !!!
jkpsr
Champion Author New Jersey

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Message Posted: Sep 10, 2012 11:24:31 PM

The Saudis can do something about it.
Kawibiker
Champion Author Illinois

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Message Posted: Sep 10, 2012 11:23:33 PM

ok
MACCLENNY9
Champion Author Jacksonville

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Message Posted: Sep 10, 2012 11:23:30 PM

seems to me its the oil comps. not govt. corruption
SHEP20715
Champion Author Maryland

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Message Posted: Sep 10, 2012 11:22:43 PM

No Mittens 2012
yakstar
Champion Author Montreal

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Message Posted: Sep 10, 2012 11:22:24 PM

whatever...
Quick68
Champion Author Columbus

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Message Posted: Sep 10, 2012 11:08:51 PM

A man on the radio in Columbus, Ohio today said the price in gas took a jump because the gas stations need to make up the money they loss over the summer. Talk about government corruption.
menagerie1013
Champion Author San Diego

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Message Posted: Sep 10, 2012 11:05:58 PM

Supply and demand rarely affect the pump price of gas.
rahcat
Champion Author Grand Rapids

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Message Posted: Sep 10, 2012 11:03:34 PM

No kidding? $4.09 here today.
ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Sep 10, 2012 11:03:23 PM

Sure prices reflect supply and demand.....the oil companies have all the supply and they demand whatever the heck they want.
EASYRYDER
Champion Author Cincinnati

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Message Posted: Sep 10, 2012 11:02:38 PM

NObama 2012
joel27nc
Champion Author Raleigh

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Message Posted: Sep 10, 2012 11:02:31 PM

I agree. Oil prices do not reflect supply and demand.
BlewettCA
Veteran Author California

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Message Posted: Sep 10, 2012 11:00:42 PM

no bama
walkingtall
Champion Author Toronto

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Message Posted: Sep 10, 2012 10:57:20 PM

Oil companies are greed,more money,more profits.
SUPPER
Champion Author San Bernardino

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Message Posted: Sep 10, 2012 10:57:14 PM

No bama
fuelsaver83
Rookie Author Sioux Falls

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Message Posted: Sep 10, 2012 10:55:44 PM

Greed!
joeschmo12
Champion Author New York

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Message Posted: Sep 10, 2012 10:54:51 PM

Greedy fat cats
Mustache_33
All-Star Author Toronto

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Message Posted: Sep 10, 2012 10:53:05 PM

hm
us4usa
Champion Author Missouri

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Message Posted: Sep 10, 2012 10:53:05 PM

So why the ten cent jump in gas prices today???
EmperorsFinest
Champion Author Chicago

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Message Posted: Sep 10, 2012 10:52:07 PM

Tubular
Jmac2008
Champion Author Missouri

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Message Posted: Sep 10, 2012 10:50:58 PM

oil company and speculator greed.
SparkieMi
Champion Author Kalamazoo

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Message Posted: Sep 10, 2012 10:50:16 PM

Pump prices jumped 20 to 26 cents a gallon in Kalamazoo, Mi. today!!!!!!
obimerrill
Champion Author Cincinnati

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Message Posted: Sep 10, 2012 10:49:46 PM

Speculators go away
hauler43
Champion Author Oakland

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Message Posted: Sep 10, 2012 10:48:37 PM

Greed
drobbbb
Champion Author Maryland

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Message Posted: Sep 10, 2012 10:47:29 PM

unbelievable
SHEP20715
Champion Author Maryland

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Message Posted: Sep 10, 2012 10:47:11 PM

no way
69Bonne
Champion Author Gary

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Message Posted: Sep 10, 2012 10:47:00 PM

Price gouging by big oil and the distributors.
abcdMA
Champion Author Worcester

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Message Posted: Sep 10, 2012 10:42:33 PM

and meanwhile the administration says and does nothing
midnightsdc
Champion Author Ontario

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Message Posted: Sep 10, 2012 10:38:45 PM

This all sucks
Digger52
Champion Author Chicago

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Message Posted: Sep 10, 2012 10:38:10 PM

So does this mean that the speculators run rampant over the Saudis, too?
bston
Champion Author Oklahoma City

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Message Posted: Sep 10, 2012 10:36:46 PM

They're selling our country down the river.
gsayeg1
Champion Author Milwaukee

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Message Posted: Sep 10, 2012 10:35:55 PM

need to regulate the futures markets
RevDrCBJ
Veteran Author Ann Arbor

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Message Posted: Sep 10, 2012 10:33:41 PM

Greed impacts the rising oil prices.
Blue48
Champion Author Illinois

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Message Posted: Sep 10, 2012 10:33:18 PM

NOT A SHOCKER!
TXryder
Champion Author Texas

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Message Posted: Sep 10, 2012 10:32:30 PM

Supply and demand is not the cause its the result.
Tyrant corporate manipulators demand and the consumer victims supply the cash.
bonzoonfmb
Champion Author Florida

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Message Posted: Sep 10, 2012 10:30:09 PM

Saudi Arabian Oil Minister Ali al- Naimi : “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.”

Even he will admit that gasoline prices are too high.

Gas prices are too high.
SBlouch
Champion Author San Antonio

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Message Posted: Sep 10, 2012 10:26:28 PM

We have known this for years. So why isn't something being done by Saudi Arabia with OPEC?
jwalkerh
Champion Author Louisiana

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Message Posted: Sep 10, 2012 10:25:20 PM

This is a no win situation for the consumers.
jrsva
Champion Author Virginia

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Message Posted: Sep 10, 2012 10:24:04 PM


Is anyone here surprised that market fundamentals do not support the current price of oil? Duh.
Buddy2264
Champion Author Tampa

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Points:3,137,320
Joined:Oct 2005
Message Posted: Sep 10, 2012 10:23:35 PM

All about greed and profits. Even in the US and Canada, the more we drill and produce the more that is shipped away as fuels. It is not going to lower the prices here.
Titan_62
Champion Author North Carolina

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Message Posted: Sep 10, 2012 10:23:31 PM

IT NEVER DOES!!!!
fullauto
Champion Author Reading

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Message Posted: Sep 10, 2012 10:22:35 PM

price is as price does.
davenles
Champion Author Texas

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Message Posted: Sep 10, 2012 10:19:48 PM

We know prices are not justified, but that bit of truth has not rolled back the prices.
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