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Saudis Now Want to Support Oil Market
Energy

Saudis Now Want to Support Oil Market

Saudi Arabia wants to cooperate with other oil producers to support the oil market, Saudi-owned Al-Arabiya television reported on Sunday, quoting an unnamed Saudi source.
But there is widespread skepticism that a deal will happen, especially since Iran is keen to boost its market share now that sanctions on it have been lifted.
The source also told the Dubai-based satellite channel that the kingdom was not the source of a proposal to cut production that Russia was studying, Reuters reported.
Russian Energy Minister Alexander Novak said on Thursday OPEC had proposed output cuts of up to 5% to help reduce a glut of crude and prop up sinking prices, in what would be the first such deal globally in over a decade. It was not clear if Novak was referring to a months-old proposal by OPEC members Venezuela and Algeria, or a new one backed by Saudi Arabia. Sunday's Al-Arabiya report implied the proposal was not new.
The Saudi source's comments were in line with remarks made by a senior OPEC delegate to Reuters on Thursday.
Saudi Arabia has now belatedly agreed to stabilize prices while calling on other countries, particularly higher-cost producers, to also reduce their output.
The possibility of supply restraint by producers boosted oil prices to almost $36 a barrel last week from a 12-year low close of $27.

 

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