The Real Reason For Saudi Arabia’s Oil Production Cuts

Danmark Nyheder Nyheder

The Real Reason For Saudi Arabia’s Oil Production Cuts
Danmark Seneste Nyt,Danmark Overskrifter
  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 68%

Saudi Arabia's energy minister, Abdulaziz bin Salman, asserts that recent oil production cuts are based on global demand concerns, not a tactic to raise prices.

Saudi Arabia and Russia extended oil production cuts first made in July, contrary to the belief it was to raise oil prices.

Naturally, when that happened, everyone thought it was about prices. The Saudi budget needs higher prices than $70 per barrel of Brent crude. It needs it because the Crown Prince of the Kingdom has ambitious public spending plans aimed at reducing Saudi Arabia's dependence on oil revenues. In other words, like many an analyst citing demand concern after demand concern in the past eight months, Saudi Arabia's energy minister is worried about the demand side of the oil equation.

Indeed, it would be hard to argue with the official that supply and demand forecasts are not always accurate. It is enough to recall all the projections of massive Chinese economic growth this year, which could have fueled higher prices earlier in the year.

Vi har opsummeret denne nyhed, så du kan læse den hurtigt. Hvis du er interesseret i nyheden, kan du læse hele teksten her. Læs mere:

OilandEnergy /  🏆 34. in UK

Danmark Seneste Nyt, Danmark Overskrifter

Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.

Chris Evans Reveals The Real Reason He’s Scaled Back On ActingChris Evans Reveals The Real Reason He’s Scaled Back On ActingThe Captain America star has explained why he's more than happy to be making fewer movies.
Læs mere »

The real reason Sharon and Ozzy Osbourne have delayed major UK moveThe real reason Sharon and Ozzy Osbourne have delayed major UK moveSharon and Ozzy Osbourne are set to move back to the UK after 25 years in the US
Læs mere »

The unusual reason Vettel will be back on an F1 track at the Japanese GPThe unusual reason Vettel will be back on an F1 track at the Japanese GPSebastian Vettel will be back on an F1 track at this weekend’s Japanese Grand Prix, but he won’t be driving.
Læs mere »



Render Time: 2025-03-16 09:20:57