Yamani says Saudis will hold oil price at $32

Saudi Oil Minister Ahmed Zaki Yamani, visiting Thailand, said Saudi Arabia, the biggest oil exporter, intends to hold its price at the present level of $32 a barrel at least until the next Organization of Petroleum Exporting Countries meeting, Scheduled May 25.

Saudi Arabia announced that it had raised its price from $30 to $32 a barrel during an OPEC meeting in Bali, Indonesia, Dec. 15. But a subsequent pricing agreement among the 13 OPEC members appeared to leave the Saudis free to go up to $36 a barrel.