Saudis Tell U.S. They Can Stabilize Oil Prices

Saudi Arabian Oil Minister Ali Naimi assured U.S. officials Monday that the kingdom has enough spare production capacity to stabilize world oil markets.

In a lunch with U.S. Energy Secretary Samuel Bodman and Sen. Pete Domenici, R- N.M., head of the Senate Energy and Natural Resources Committee, Naimi said he was more concerned about a lack of refining capacity, Domenici told reporters after the meeting.

“They are confident about being able to stabilize, but nothing specific,” Domenici said.
NASDAQ