A view shows Saudi Aramco's Manifa oilfield, Saudi Arabia June 14, 2015. Saudi Aramco/Handout via REUTERS
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices.Producers should keep cutting for the whole year, even if it causes a small supply shortage, Falih said.For the past year, the Organization of the Petroleum Exporting Countries and Russia – once fierce oil-market rivals – have led a coalition of 24 producers in output cuts aimed at clearing the supply glut unleashed by U.S. shale-oil drilling.Higher crude prices could help secure a valuation for Saudi Aramco closer to the $2 trillion envisaged by Prince Mohammad, a figure some analysts consider unrealistic.Prices slumped the following year during the Great Recession.After Brent crude shot above $70 in late January, Oil Minister Bijan Namdar Zanganeh of Iran – an OPEC producer that often used to agitate for higher prices – said that $60 was sufficient.A new flood of supply could easily send prices lower again, according to Weinberg.
FOLLOW THIS ARTICLE