	saudi arabia will not agree mad oil price rise saudi arabia s oil minister hisham nazer said riyadh would not agree to a cut in oil prices and would not accept a mad increase that would drive consumers away he told al riyadh newspaper saudi arabia follows a balanced petroleum policy it does not approve of a decrease in prices from current levels and it also does not accept a mad increase that would drive consumers away and make them try and find alternative sources for energy opec agreed last december to cut production after world prices hit new lows in they agreed on a pricing system aimed to stabilise the market around dlrs a barrel opec is scheduled to meet in vienna on june where it will review its current oil price and production policy saudi arabia s king fahd said last month that he wanted oil prices to remain stable for the next two years saudi arabia is the architect of the current pricing and production pact which is backed by kuwait and the uae the current pact set a production ceiling for first half of mln bpd and implemented fixed prices based on an dlrs a barrel average reuter 
