Oil producers 'to invest billions of dollars'

Volatility in the global oil market is unlikely to affect oil-producing countries’ plans to invest billions of dollars to boost capacity, Saudi Arabia’s oil minister said today.

Ali Naimi’s comments came a day after he said he didn’t see any need as of now for the 12-nation Organisation of Petroleum Exporting Countries (Opec) to discuss new cuts in output, a remark that pushed crude oil prices to 19-month lows.