Sources: Saudi Arabia is seeking to keep oil prices at $70-$80 a barrel - Reuters
|Reuters quoted three OPEC and industry sources, as saying that Saudi Arabia, the OPEC’s No.1 oil producer, is seeking to keep oil prices at $70-$80 a barrel.
Additional Comments:
Seeking a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections.
Wants to keep oil prices as high as possible without offending Washington.
Saudi needs cash to finance a series of economic development projects.
The sources noted: "The Saudis need oil at about $80 and they don't want prices to go below $70. They want to manage the market like this. They need cash. They have plans and reforms and now the IPO is delayed. But they don't want anyone else talking about oil prices now. It's all because of Trump."
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