Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per...
DUBAI/LONDON - Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded.
“The Saudis want oil at $70 at least and are not worried about too much shale oil,” said one industry source familiar with Saudi oil policy. Saudi Arabia, the world’s largest oil exporter, also wants to make sure it avoids a repeat of the 2014-2016 oil price crash below $30 per barrel, sources familiar with Saudi policy said.Saudi Arabia plans to reduce March and April oil production to under 10 million barrels per day — below its official OPEC output target of 10.3 million bpd.
Russia, which is not an OPEC member but is cutting output in tandem with OPEC, can balance its budget at oil prices of $55 per barrel and has not made clear yet whether it is prepared to extend them when OPEC next meets in June.
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