February 2016, Vol. 243, No. 2

Web Exclusive

Saudi Oil Minister Says Market Should Handle Low Prices

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that production cuts by big, low-cost producers like Saudi Arabia would amount to subsidizing higher-cost ones — an apparent reference to U.S. shale oil drillers. Booming U.S. production effectively ended oil trades at more than $100 per barrel in that were taking place less than two years ago. A barrel of U.S. crude is now hovering around $30, a price at which many shale operators are assumed to be losing money. “The producers of these high-cos

Log in to view this article.

Not Yet A Subscriber? Here are Your Options.

1) Start a FREE TRIAL SUBSCRIPTION and gain access to all articles in the current issue of Pipeline & Gas Journal magazine.

2) Start your full access subscription to Pipeline & Gas Journal and gain UNLIMITED access to this article, the current issue, all past issues in the technical archive, access to all special reports, special focus supplements and more. Pricing start at $395/year.   

*Access will be granted the next business day.

 

Related Articles

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}