Al-Naimi: OPEC just 'one factor' in high US gasoline costs

US gasoline consumers should not blame oil exporters for higher fuel prices, Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi said Apr. 27."Oil markets are complex and not subject to control by anyone," Al-Naimi told a policy symposium organized by the Center for Strategic and International Studies in Washington, DC. Even Saudi Arabia and other members of the Organization of Petroleum Exporting Countries, with their vast reserves have "only a limited ability to keep prices in their preferred range."Al-Naimi said Saudi Arabia remains committed to sustaining a $25/ bbl OPEC basket price and to the price band of $22-28/bbl. But other market forces are at play today that...

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