Russia does not deserve to share in the oil market, the Minister of Energy of Saudi Arabia

[DARPA]

Minister of Energy of Saudi Arabia Ali Al-Naimi has attracted public attention after gave an interview Middle East Economic Survey (MEES).

Earlier, the minister said that Saudi Arabia is still how low will the price of oil, "it will fall to $ 20, $ 40, $ 60 - we do not care," the magazine writes, "The Insider."
In an interview with the minister explained that Saudi Arabia can afford not to care about the price of oil. But in Russia, in contrast, this is not possible, because it is inefficient and produces oil could not stop the download, even if I wanted to.
Low oil prices have a negative impact on the Russian economy, because the country depends on oil. This leads to a devaluation of the ruble, whereby Russia can not repay their debts. Russian Central Bank has had to provide financial support to one of its private banks. It is likely and a full collapse of the Russian economy. Russia can not reduce pumping oil (although it would help to raise the price of oil) because of its deposit and technology "is not as good as the Saudi", approved by the Minister:
"The problem is with the fields that need to constantly invest in new wells, thus leaving the old, because if that happens, they have more, nothing appears. In this respect, Russia is quite cautious, especially in Western Siberia - where mining is a long time, and stocks are being phased out. "
Al-Naimi said that in fact the reason why Saudi Arabia, unlike Russia, does not expect a collapse, is that the Saudis have always been careful and efficient producers, who made sure to advance to defer a lot of money on the "dark days "similar to the present one.
All are wondering whether it is time the Saudis cut oil production, the prices have risen again. It would be saved from collapse, countries such as Russia, which requires price of $ 105 per barrel. "But why Saudi Arabia suffer from the mistakes Russia?" - Asked al-Naimi. In an interview with MEES, he said that Russia "does not deserve a share of the market" and explained his position:
"The strategy of Saudi Arabia - it is also an attempt to protect highly-producing countries, and not only its place in the market. We want to tell the world that only high-producing countries deserve market share. This operating principle has been adopted by the capitalist countries."
Al-Naimi sees no reason to make sacrifices and believes that OPEC should keep production at current levels:
"I want to make one thing clear: unfair to ask OPEC to cut production. We are not so much supply - less than 40% of the world's oil supply. However, we are most effective. We have analyzed the situation and came to the conclusion that reduce oil production for us meaningless. "
As reported by the "Observer", December 14, OPEC said they did not intend to reduce its production of crude oil, even at a price of $ 40 per barrel.