Saudi Arabia doesn’t need to reduce its substantial domestic energy subsidies, oil minister Ali al-Naimi said Wednesday, a week after he said the kingdom was studying such a move . Mr. Naimi said slashing domestic energy assistance is a measure for “when you are in dire need, and fortunately Saudi Arabia isn’t today in such dire need.” He was speaking on the sidelines of an energy conference in Riyadh. Domestic energy subsidies make electricity and motor fuel prices in Saudi Arabia among the lowest in the world, leading to high rates of domestic consumption. Saudi Arabia has been burning a growing amount of its crude oil to create electricity, potentially cutting into its ability to retain its spot as the world’s top exporter. Mr. Naimi said last week that cuts to energy subsidies were under consideration. That review had been previously reported, but wasn’t something Saudi Arabia’s leaders have […]