Why doesn't Saudi oil minister Ali al-Naimi address Saudi citizens and explain to them the kingdom's decision at the recent OPEC meeting to leave the Saudi current output ceiling unchanged despite huge global oversupply? This oversupply has decreased oil prices across the world and caused a similar decrease in the Saudi stock market - expressing the worry of the local economy which knows very well that everything in the country is linked to oil and its prices.
Why doesn't Naimi talk and reveal what he's got? His speech to the Saudi people is a speech to the entire world. If he wants to tell the world something, he would've done so in Vienna where dozens of journalists and oil experts gathered. However, the minister settled with brief statements. Will he reassure the worried Saudi market if he does speak? Let's assume he says: "Be patient. We will win in the end. The massive governmental expenditure which the rich among you depend on before the poor, some of which is spent on several businesses you're involved with, will not be affected. The reserves which you want as a safe fund for your sons and grandchildren will only be slightly affected because this phase necessitates that." If Naimi says that, will the market be convinced and return to rising? Will this decrease the worry of businessmen?
The world of oil is brutal and Saudi Arabia's partners in the market will not hesitate to raise their production and replace Saudi Arabia's market shareJamal Khashoggi