Saudi Arabia, which has long played the balancing role in world oil marketspumping more when demand is strong, trimming supply when it slowshas had enough. It’s time for other producers, such as the U.S. and Russia, to do their bit, it says.
“We are not going to cut, certainly Saudi Arabia is not going to cut,” Saudi energy minister Ali Al-Naimi told CNN in a recent interview. The veteran minister went further, saying this was “the position we will hold forever, not [just] 2015.”
As a result, the great and good that attend the annual Swiss meeting are being forced to confront what will be a painful year for oil and gas companies, and for emerging markets that depend heavily on energy exports.
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Factset: FactSet Research Systems Inc. 2015. All rights reserved.
Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.
