Oil prices too high, geopolitics to blame – Saudi’s Naimi

Saudi Arabian Oil Minister Ali al-Naimi said on Monday current oil prices are “too high” but that neither producing or consuming countries were to blame.

“These prices are too high,” Naimi said, adding the recent run-up in prices had been caused by global geopolitics and hedge fund speculation.

US oil prices hit record levels of over $75 a barrel last month, partially due to worries that Iran’s standoff with western nations over its nuclear program could hit the OPEC member’s exports.

OPEC members have said they are powerless to bring prices lower, with the producer-group already pumping near capacity and consumer crude inventories healthy.

Reuters