Nov

19

 You have to admire the diplomacy, sagacity, and self interest of the Saudis. All that's missing is that they're trying to increase their profits to "save the environment and prevent climate change".

Saudi Arabia Will Support Stability in Oil Markets: Crown Prince

By Wael Mahdi Nov. 15 (Bloomberg)

– Saudi Arabia will continue its balanced policy and positive role to support stability in international petroleum markets, Crown Prince Salman bin Abdulaziz Al Saud says at G-20 Summit in Brisbane, according to state-run Saudi Press Agency.

* Says Saudi Arabia will take into consideration the interests of producing and consuming nations
* Saudi Arabia invested in spare capacity to support stability in global energy markets therefore supporting global economy growth
* NOTE: Oil-Price Rout Seen Deepening by IEA as Pressure on OPEC Mounts
* NOTE: Saudis Reject Talk of OPEC Market Share War as Crude Tumbles
* NOTE: OPEC Diplomacy Picks Up From Iraq to Libya Amid Oil Plunge

Anatoly Veltman comments: 

Anyone privy to a study of how each oil-producing nation has or has not invested in spare capacity in the years of $100 windfall prices? Why windfall? Well, yes, if the world operated decades at $ 20-30, then of course recent decade of $ 70-140 should have been viewed a windfall. I wonder if similar study has been done on gold producers, who until 2000 managed to stay in business at $ 300-400 but then reduced/abandoned their hedging programs as price jumped over $ 500 and all the way to $ 1,900…Silver producers who lived on $ 4-5.50, but didn't all duly appreciate the windfall of $ 18-49…Copper producers, who lived most of their lives below $ 1.00, but then treated $ 3-4 as a new normal. 


Comments

WordPress database error: [Table './dailyspeculations_com_@002d_dailywordpress/wp_comments' is marked as crashed and last (automatic?) repair failed]
SELECT * FROM wp_comments WHERE comment_post_ID = '9809' AND comment_approved = '1' ORDER BY comment_date

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search