MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
Oil prices are roughly where OPEC wants them - comfortably above $100 a barrel - but there is deadlock over who should replace Libyan Abdullah El-Badri as the public face of the organization.
“The world economy is weak and supply will be running ahead of demand, which could justify a cut of around 500,000 barrels a day, but political factors will prevent OPEC from taking any formal action,” said a senior OPEC delegate from a Gulf producer.
“At current prices there is little incentive to change either the 30 million OPEC-wide production target or to reduce actual production, running around 31.0 million,” said Washington consultancy PFC Energy.
OPEC’s own maths suggest that, despite oil prices at a lofty $107 a barrel, it is pumping more than world markets need - pointing to a potential stockbuild and the possibility of a fall in prices at the start of next year.
Experts meeting on Monday at OPEC headquarters in Vienna agreed that demand for OPEC crude in 2013 would average 29.7 million bpd, suggesting current output will build stocks by 1.3 million bpd on the 90 million bpd world market.
Oil inventories in industrialised OECD countries have risen to nearly 59.6 days of future demand, according to the International Energy Agency, significantly above the fiveyear average for the first time in 2012.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world9 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago