Ali Al-naimi

Now that he's done with his near 21-year stint as Saudi Arabia's oil minister, during which his utterances could move everything from crude to currencies and stocks worldwide, Ali al-Naimi says he doesn't want to talk about the market anymore.

As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got more than they had bargained with.

Wall Street slipped on Tuesday, in tandem with a renewed slide in oil prices, as yet another rally failed to take off in what has been a turbulent year so far for markets.

Saudi oil minister Ali Al-Naimi said on Thursday that the kingdom envisaged the fact that fossil fuels could become unnecessary before the middle of the century and was investing in renewable energy for that reason.

Oil prices slipped on Monday after Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.

Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said the Organization of the Petroleum Exporting Countries (OPEC) would not cut production at any price.

Asked whether the oil producer group had decided to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters: "That is right."

Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilise itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output.

Brent crude rose above $97 per barrel on Tuesday after a survey showed China's factory activity unexpectedly picked up in September, helping brighten the demand outlook in a market that has been weighed by a supply glut.

State-run buyers are at the forefront of reductions, leaving privately-owned Essar the biggest Indian client of Iran.

Now that he's done with his near 21-year stint as Saudi Arabia's oil minister, during which his utterances could move everything from crude to currencies and stocks worldwide, Ali al-Naimi says he doesn't want to talk about the market anymore.

As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got more than they had bargained with.

Wall Street slipped on Tuesday, in tandem with a renewed slide in oil prices, as yet another rally failed to take off in what has been a turbulent year so far for markets.

Saudi oil minister Ali Al-Naimi said on Thursday that the kingdom envisaged the fact that fossil fuels could become unnecessary before the middle of the century and was investing in renewable energy for that reason.

Oil prices slipped on Monday after Saudi Arabia's new King Salman moved to assuage fears of an unstable transition and any policy change in the world's largest oil exporter.

Oil prices resumed their downward march on Monday, doubling back on the biggest one-day gain in over two years, after Saudi Arabia's powerful oil minister said the Organization of the Petroleum Exporting Countries (OPEC) would not cut production at any price.

Asked whether the oil producer group had decided to reduce production, Saudi Arabian Oil Minister Ali al-Naimi told reporters: "That is right."

Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilise itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output.

Brent crude rose above $97 per barrel on Tuesday after a survey showed China's factory activity unexpectedly picked up in September, helping brighten the demand outlook in a market that has been weighed by a supply glut.

State-run buyers are at the forefront of reductions, leaving privately-owned Essar the biggest Indian client of Iran.