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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Sources: Saudi Arabia aims to maintain the price of oil at 70-80 dollars a barrel

    Rocky
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    • Post n°1

    Sources: Saudi Arabia aims to maintain the price of oil at 70-80 dollars a barrel Empty Sources: Saudi Arabia aims to maintain the price of oil at 70-80 dollars a barrel

    Post by Rocky Wed 05 Sep 2018, 2:02 am

     Sources: Saudi Arabia aims to maintain the price of oil at 70-80 dollars a barrel


    Sources: Saudi Arabia aims to maintain the price of oil at 70-80 dollars a barrel 9852

    (Reuters) - Saudi Arabia wants crude to stay at between $ 70 and $ 80 a barrel at the moment as the kingdom, the world's top oil exporter, seeks to strike a balance between maximizing revenue and curbing prices until US congressional elections, sources in the Organization of the Petroleum Exporting Countries (OPEC) said.
    Following the announcement of plans to include Aramco in 2016, the kingdom began to push for higher crude prices, partly because of helping to maximize the value of the state-owned company before the initial public offering originally scheduled for 2018.
    But that changed in April when US President Donald Trump publicly pressed Riyadh to curb crude prices, in a bid to halt rising fuel costs in the United States ahead of midterm congressional elections in November.
    Despite the suspension of Aramco's IPO, Saudi Arabia still wants to keep oil prices as high as possible without troubling Washington, the sources said.Saudi Arabia wants liquidity to finance a series of economic projects.
    OPEC and Saudi Arabia do not target a specific official price for crude and are unlikely to target it officially.
    "The Saudis want the price of oil at around $ 80 and do not want the price to drop below $ 70. They want to run the market this way," Reuters quoted sources as saying.
    "They want liquidity, they have plans and reforms, and now the initial public offering has been delayed, but they do not want anyone else to talk about oil prices now, all for Trump."
    Setting an unofficial target price of between $ 70 and $ 80 a barrel raises the possibility that the kingdom will periodically revise its production to influence the price of crude as the market responds to other factors affecting supply and demand in the world.
    Saudi Arabia may have done so last week, a source said.
    The source, who follows the Saudi production policy, said that when Brent crude was heading towards $ 80 a barrel, the kingdom informed the market of an increase in production last month earlier than the date on which such information was usually disclosed.
    "The Saudis are likely to publish some additional signals to curb prices in the light of the price," the source said.
    The ambition of a price between $ 70 and $ 80 a barrel is similar to that of other OPEC producers. Algeria, for example, says it sees $ 75 a barrel as a fair price.
    "Everyone is talking about such figures," said an OPEC delegate from outside the Gulf.

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