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Saudi Arabia Continues to Support 'Equitable' Oil Price

Source: www.gulfoilandgas.com 1/23/2007, Location: Middle East

Saudi Arabia continues to support an oil policy of a balance between "equitable" crude prices and production, Saudi Ambassador to the U.S. Prince Turki Al Faisal said Monday. He didn't elaborate on what an equitable price for crude is, other than to say it would be fair to both producers and consumers.

Last week, Prince Turki said at a think-tank dinner that $55-$65 a barrel was a "more reasonable" price to pay than the $28-$35 a barrel level seen two years ago, at least partly because the value of the dollar had fallen more than 20% in the same period.

Crude prices have fallen more than 15% in the first few weeks of January, dropping more than $2 a barrel from their intraday high Monday, and shrugging off forecasts for colder U.S. weather and increased heating oil demand. Crude closed on the New York Mercantile Exchange at $51.15 a barrel.

The continued softening of prices in past weeks prompted some ministers from the Organization of Petroleum Exporting Countries to call for an emergency meeting to consider cuts to production quotas beyond the 1.7 million already decided.

Late last week, Ali Naimi, the influential Saudi oil minister and OPEC's de facto leader, said, however, the global oil market is in a "very healthy condition."

OPEC spare capacity is expected to hit 3 million barrels a day in February.

Crude Oil News in Saudi Arabia >>

Oman >>  5/15/2019 - KBR, Inc. (KBR) has been awarded a Front End Engineering Design (FEED) contract by Oman LNG L.L.C for the debottlenecking of their facility at Sur in ...
United Arab Emirates >>  5/10/2019 - McDermott International has been awarded a sizeable* contract by ADNOC to provide FEED services on a design-competition basis for phase one of the Umm...

Iraq >>  5/9/2019 - Iraq is planning a $53 billion mega project with global energy giants ExxonMobil and PetroChina to use seawater from the Persian Gulf to boost oil pro...
Qatar >>  5/9/2019 - Northern Offshore announces firm Letter of Awards for two (2) long-term contracts for its premium, heavy-duty jack-up drilling units from Qatar Petrol...

Saudi Arabia >>  5/3/2019 - KBR, Inc. (KBR) has received a three year extension to its existing General Maintenance Services (GMS) contract for the 440,000 bpd refinery at SATORP...
United Arab Emirates >>  5/1/2019 - McDermott International, Inc. (MDR) announced it has been awarded a sizeable* contract by ADNOC Refining to provide front-end engineering design (FEED...

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