Monday, Mar 18, 2013
By Simon Hall
HONG KONG--Some members of the Organization of Petroleum Exporting Countries favor using a basket of currencies to price oil, but such an idea "won't fly," Saudi Arabia's Minister of Oil Ali al-Naimi said Monday.
Even if oil was bought or sold in other currencies, "it has to be settled in dollars," Mr. al-Naimi said at a conference in Hong Kong.
He also said Saudi Arabia "will not stint" in ensuring customers receive all the oil they need, and that prices aren't high enough to hamper economic growth in Asia.
Saudi Arabia is pushing ahead to exploit its "huge" reserves of shale and other unconventional gas, which amount to around 600 trillion cubic foot, Mr. al-Naimi said. Seven test wells would be drilled this year, he said.
Write to Simon Hall at simon.hall@dowjones.com
(END) Dow Jones Newswires
18-03-13 0538GMT
