LONDON, Mar 9: World oil prices sank to fresh four year low today after Saudi Arabia killed the chances of the possibility of a quick OPEC meeting aimed at propping up glutted global oil markets.Brent crude, the world benchmark, opened at 13.45 dollar a barrel on London's International Petroleum Exchange (IPE).This compared with an average price of about 19 dollar during the 1990's and some analysts believe prices may soon dip below $ 12.90 to their lowest level since November 1988.Saudi Arabia, the world's largest oil producer yesterday warned OPEC quota cheaters that it would not allow them to snatch customers who buy the Kingdom's oil. Saudi oil minister Li Al-Naimi said that the OPEC rescue plans was being delayed by member countries that "are not prepared to reduce their production"."This means that coming up with a joint solution within OPEC to restore stability to the market would be difficult, indeed," he said.He said Saudi Arabia did not want to cut output only "to find out that othercountries, especially those who do not adhere to their quotas, (are) flooding the market, undermining prices and taking our valuable customers''.
