Gulf Oil and Gas accountACCOUNT

Saudi Arabia Acting to Lower Oil Prices

Source: Reuters 9/18/2012, Location: Middle East

Saudi Arabia is acting to lower oil prices, a senior Gulf source said, 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.

Financials and Investment News in Saudi Arabia >>

Brazil >>  8/15/2019 - MODEC, Inc. (MODEC) is pleased to announce that an affiliate of MODEC has issued a project bond in the international capital markets outside Japan to ...
Saudi Arabia >>  8/12/2019 - Saudi Aramco announced for the first time its half-year financial results. The Company’s net income was $46.9 billion for the first half 2019, compare...

Egypt >>  8/7/2019 - The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relations...
Iran >>  8/6/2019 - A meeting was held to expand joint cooperation between Petropars Group and Bank Melli Iran at the presence of Engineer Hamid-Reza Masoudi. A meeting w...

Cameroon >>  7/30/2019 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce an extension of its Bridging Loan Facility ("...
Falkland Islands >>  7/30/2019 - Rockhopper Exploration plc (RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is plea...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.