Via Reuters … make of this what you will after the big slide in oil: Privately, Saudis tell oil market: get used to lower prices
- Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period
- May be aimed at slowing the expansion of rival producers including those in the U.S. shale patch
- Some OPEC members including Venezuela are clamoring for urgent production cuts to push global oil prices back up above $100 a barrel. But Saudi officials have telegraphed a different message in private meetings with oil market investors and analysts recently: the kingdom, OPEC’s largest producer, is ready to accept oil prices below $90 per barrel, and perhaps down to $80, for as long as a year or two, according to people who have been briefed on the recent conversations.
More at the article for your consideration…
