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Ex-Saudi Minister on OPEC: ‘We Tend to Cheat’

by Will Brackett

Ali Al-Naimi, the former oil minister of Saudi Arabia, warns not to take the announcement by OPEC it’s cutting production for the first time in eight years too seriously.

Speaking at an event in Washington on Friday – staged by the think tank Center for Strategic and International Studies – Al-Naimi said, “unfortunately, we tend to cheat.”

“There’s still more supply than demand (now). If (the OPEC countries) make a concentrated effort to reduce there will be a balance. But that remains to be seen.”

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