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Saudi says keen to avoid U.S., global recession

WARSAW
Mon Nov 19, 2007 2:59am EST

WARSAW (Reuters) - OPEC wants to avoid a situation in which record high oil prices would help push the global economy, particularly that of the United States, into recession, Saudi Oil Minister Ali al-Naimi was quoted on Monday as saying.

In an interview for the Polish daily Rzeczpospolita, Naimi reiterated his recent comments that the market, not the Organization of the Petroleum Exporting Countries (OPEC), had the biggest influence on oil prices and called concerns about oil supply "unwarranted."

"I want to stress -- Saudi Arabia's production capacity is enough to meet an increase in demand for oil," he was quoted as saying in the interview, conducted during the weekend's summit of OPEC heads of state.

He said the summit was not a place to decide on output increases.

"However, I cannot stress enough -- we don't want to allow a situation in which there is a recession in any country in the world, least of all the country which is the biggest importer of oil (the United States)."

Saudi Arabia is the world's top oil exporter and it has traditionally assured the West of easy oil supplies through its status as the "swing producer" in OPEC.

OPEC ministers meet on December 5 to discuss output levels. Crude prices hit an all-time record of $98.62 a barrel on November 7.

(Writing by Adam Jasser, editing by Anthony Barker)



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