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Middle East

Saudi Arabia acting to lower oil prices: Gulf source

In this Tuesday, Dec. 4, 2007 file photo, employees of the Saudi Aramco oil company prepare for the first day of the Arab Oil and Gas exhibition in Dubai, United Arab Emirates. (AP Photo/Kamran Jebreili, File)

DUBAI: Saudi Arabia is acting to lower oil prices, a senior Gulf source said on Tuesday, adding that the majority of OPEC producers wanted oil prices around $100 per barrel.

The Gulf source told reporters the oil market was well balanced with no shortage of oil supply.

Saudi Arabia was producing around 10 million barrels per day (bpd) of crude and other members of the Organization of the Petroleum Exporting Countries would be increasing output over the next few months.

"We would like to see the price coming down and we are working to bring it down," said the Gulf source.

"The price now, we believe is high, and it's not supported by fundamentals at all. It's just speculation and geopolitics."

"The majority of OPEC countries prefer around $100, including Saudi Arabia," he said, adding that $100 per barrel was "right now the ideal price for the majority of OPEC countries ... the majority is all except one or two."

"We think the oil market is well balanced," the Gulf source added.

 

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