VIENNA, Nov 28 - Saudi Arabias oil minister told fellow OPEC - TopicsExpress

VIENNA, Nov 28 - Saudi Arabias oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. Ali al-Naimi won the argument at Thursdays meeting, against the wishes of ministers from OPECs poorer members such as Venezuela, Iran and Algeria which had wanted to cut production to reverse a rapid fall in oil prices. Reaching a final decision took a lot of time convincing the others, said another delegate. Several analysts and oil executives have suggested it would take many months to have an impact on U.S. oil production.

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