A week-long drop in oil prices is not worrying Gulf oil producers, wire services reported Sunday (May 9th). There is a balance between supply and demand that is working itself out, said Saudi Oil Minister Ali al-Naimi. "I am never worried," he said.
Qatar and the UAE's energy ministers said there are no plans for an extraordinary OPEC session to discuss the drop of more than $10 per barrel in the past week. "What has been taking place is a correction…prices are going up and down," said the UAE's Energy Minister Mohammad al-Hamli.