Ali al-Naimi, the oil minister of Saudi Arabia, was in no mood to address reporters at Opec’s November meeting, refusing to offer more than a few words after the cartel decided to hold output at 30m barrels a day.
His unwillingness to talk added to an information vacuum that had been building for months, putting further pressure on oil prices. From the middle of June oil slid through the $100 a barrel barrier to below $80 and is now hovering at $60.
Although backroom comments by Saudi officials to US hedge fund managers and oil analysts had filtered out into the investor community before the meeting, Mr Naimi stuck to stock phrases, even as poorer Opec members ramped up the rhetoric for cuts to bolster prices.
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