OSANNOLIKT ATT OLJEPRISET ÅTER KAN BLI 100 DOLLAR/FAT Saudiarabien och Opec står fast vid ett lågt oljepris för att inte tappa marknadsandelar till USA, Brasilien eller Ryssland, rapporterar Financial Times: Ali al-Naimi, the oil minister for Saudi Arabia, said the Gulf nation is prepared to raise output if new customers emerge, signalling again that the Opec cartel will not cut production to support the oil price as it instead fights to maintain market share. Mr Naimi asked in an interview with the Saudi al Hayat newspaper : Is it reasonable that a high-efficiency oil producer would reduce [output?] while a poor-efficiency producer continued production? This is abnormal. If we reduce output what would happen to our market share? It will go to another producer and the oil price will increase. This producer could be Russian, Brazilian or American or any other producer in a high cost place. The remarks are a further indication by Mr Naimi that the worlds largest oil exporter is not going to cut production to bolster prices, Anjli Raval writes. Amid growing supply from the US and sustained output from Opec amid a slowdown in global demand, he said it was unlikely that the the market would witness $100 a barrel oil again. Mr Naimi, who has been criticised domestically for his failure to communicate properly the thinking behind the decision to maintain Opec production levels at 30m b/d, reiterated that Saudi Arabias oil policy is based solely on economics and not politics. Any conspiracy theories were unfounded, he said. The drop in oil prices has eaten into the countrys savings and roiled its stock markets. But Mr Naimi, said that low-cost Gulf producers were able to withstand the falls and stressed prices would improve as some high-cost production declined. Even so, he admitted while some US shale formations had break-even prices of $80-$90 a barrel, others were as low as $20-30 a barrel. , Markets, Oil, Saudi Arabia
Posted on: Wed, 24 Dec 2014 19:33:30 +0000
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