Saudi's want oil at $60-80 - FT

Author: Ryan Littlestone | Category: News

FT reports that behind closed doors the Saudi's want oil higher

Saudi officials are said to be wavering on their plan to protect their long term exports ahead of short term gain. The FT note that while they publically state that they are not about to reverse policy, they want the oil market to stabilise in the $60-80 range

One way that officials have been trying to stabilise prices is by their constant warnings that falling investment will lead to supply shortages

The drop in oil prices are beyond what many expected and there's a fear it's gone to far and will have far reaching effects

Full details from the FT

With the next OPEC meeting next week we're going to be getting a lot of stories and conjecture that could whip prices around. No one is really expecting any action but traders will be watching for any language that might signal a change in intent

So far there's been no real reaction to the story in Brent prices as "behind closed doors" is as good as a rumour. If we get any sort of confirmation of that then oil will shoot up

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