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Saudi OPEC Governor: Oil would struggle to reach $100-120 again

by ChemOrbis Editorial Team -
  • 23/03/2015 (16:04)
According to local media reports, Saudi Arabia’s OPEC governor Mohammed al-Madi stated that they do not think that oil prices will reach the $100-120/barrel threshold again in the foreseeable future.

In an energy conference that took place in Riyadh, Madi commented, “We think that $100-120/bbl will be difficult to reach again. We are not against anybody or against the production of U.S. shale oil. On the contrary, we welcome it, as it balances the market in the long run. However, the market is basically driven by fundamental factors like supply and demand. It is not based on any non-economic policies.”

“We have no intentions of hurting anyone, although we are opposed to the idea that high-cost producers will be able to drive low-cost producers out of the market. All producers would need to make a joint effort to improve prices if such a move were to prove successful, otherwise some producers would benefit at the expense of other producers,” he added.

Some producers, such as Iran, had sharply criticized Saudi Arabia for its decision to let oil prices slide instead of showing support for an OPEC production cut.
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