Saudi Arabia OPEC delegate: It's hard to return to the price of $ 100-120

by **wciappetta** Sun 22 Mar 2015, 7:04 am

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Saudi Arabia OPEC delegate: It's hard to return to the price of $ 100-120

by wciappetta Sun 22 Mar 2015, 7:04 am

03/22/2015 09:55 GMT

Saudi Arabia OPEC delegate: It's hard to return to the price of $ 100-120

Agencies -

Mohammed past Saudi Arabia in OPEC delegate said on Sunday that it is difficult to oil prices go back again to the range 100 to $ 120 a barrel.

He told a conference of the energy sector in Riyadh, "We understand that all countries need to higher income levels ... We want it but we want for us and for future generations." The current price of Brent crude toward $ 55 a barrel.

He reiterated that there is no political motives behind the oil policy of the Kingdom.

He said, "There is no political dimension to what we are doing in the oil ministry - trade and economic vision ... I do not mean to harm any one and our vision is to simply follows: Low-cost producers have priority production and the high costs of the owners will have to wait their turn.

"We are not against any one nor against (US shale oil production) ... On the contrary, we welcome it because it achieves a balance in the market in the long term."

And directs some producers such as Iran sharply criticized Riyadh for its decision not to intervene to stop the decline in prices rather than trying to support by reducing the production of OPEC.

But the past, said on Sunday that the low price is due to the fundamentals of supply and demand, not any non-economic policies.

"Is OPEC was able to control prices? The answer is that if OPEC can control the price they would have done it but not from OPEC price controls interest.

"OPEC's interest to achieve a balance in the market. Price determined by the market and the market is subject to supply and demand

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by fonz1951 Sun 22 Mar 2015, 8:25 am

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Re: Saudi Arabia OPEC delegate: It's hard to return to the price of $ 100-120

by fonz1951 Sun 22 Mar 2015, 8:25 am

"Is OPEC was able to control prices? The answer is that if OPEC can control the price they would have done it but not from OPEC price controls interest. so what is opec's interest? in the past they have controlled price.