Saudi Arabia will only play steward of global oil production for a limited period before stepping back and allowing the free market to complete the supply rebalancing act, Saudi Oil Minister Khalid A. Al-Falih told CNBC on Tuesday. “History has demonstrated that intervention in response to structural shifts is largely ineffective, and I believe we in the organization have learned that lesson. That’s why Saudi Arabia does not support OPEC intervening to alleviate the impacts of long-term structural imbalances,” he said. As the largest producer in the Organization of Petroleum Exporting Countries (OPEC), the KSA is the de facto leader of the group, which includes other major Persian Gulf producers, namely Iran and Iraq. The members of the bloc, along with 11 other non-members, agreed to cut production by 1.8 million barrels in an effort to lower supply after 2.5 years of glut. Overall, compliance to the deal has […]