Saudi Arabia Says Oil Prices to Stabilize

Saudi Arabia’s oil minister said crude prices will stabilize while the United Arab Emirates said OPEC will do what it takes to balance the market. Angola predicted the 12-nation group will reach a consensus when it meets tomorrow.

The “market will stabilize itself,” Ali Al-Naimi, the Saudi minister, told reporters in Vienna today. The world’s largest oil exporter yesterday failed to agree a plan with Russia, Venezuela and Mexico to curb output. Iran’s oil minister said there is an oversupply of crude.

Oil ministers from the 12 nations in the Organization of Petroleum Exporting Countries will discuss their combined production after prices plunged 32 percent since June. Crude fell in part on speculation that Saudi Arabia and other OPEC states wouldn’t take the necessary measures to curb a surplus.