Saudi Arabia wants oil to stay between $70 and $80 a barrel
Reuters citing OPEC and industry sources in their report that Saudi wants oil between 70 and 80 USD (Brent)
- seeking a balance between maximising revenue and keeping a lid on prices until U.S. congressional elections
- wants to keep oil prices as high as possible without offending Washington, the sources said
- Saudi needs cash to finance a series of economic development projects.
"The Saudis need oil at about $80 and they don't want prices to go below $70. They want to manage the market like this," one of the sources told Reuters. "They need cash. They have plans and reforms and now the IPO is delayed. But they don't want anyone else talking about oil prices now. It's all because of Trump," the source said.
No link at this stage …. see if I can dig one up … here we go Saudi Arabia aims to keep crude in $70 to $80 band - sources