Oil prices fell after Saudi Arabia said it was producing the most crude oil since July. Brent for May delivery fell to $54.64 a barrel on London’s ICE Futures exchange. On Sunday, Saudi Oil Minister Ali al-Niami said the Saudis were currently producing around 10 million barrels of crude a day, the country’s highest output since July, when oil prices started collapsing.
Niami said there was no conspiracy behind OPEC’s decision last fall to maintain its output target. The group could have lost market share if it had cut its production, he added. (The Wall Street Journal, 23 March).