" />
Building a world of
resilient communities.

MAIN LIST

 

Saudi Oil Minister: $25 crude would be a "miracle"

DAVOS, Switzerland (AP)--Saudi Arabia would like to see OPEC's reverence price for oil remain constant at $25 a barrel, but the country's oil minister said Wednesday it would "be a miracle" if that happens.

The Organization of Petroleum Exporting Countries, which supplies about a third of the world's oil and is led by Saudi Arabia, has said it aims to keep the price of its basket of seven crudes in a range of $22 to $28, equivalent to about $24 to $30 in New York. But futures prices have surged to more than $34 in New York, because of cold weather in the U.S. Northeast and crude oil inventories that have fallen to their lowest in almost three decades.

"We would like to see the price stay straight within the band at $25," Saudi Oil Minister Ali Naimi said. "We would be very happy. That would be a miracle if we can do it, but I don't think we will ever be able to do it."

Naimi told a group of reporters at the World Economic Forum that prices aren't the result of insufficient supply of oil in the market.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Carbon Tracker Analysis: ‘Renewables are Already Outcompeting Fossil Fuels’

Clean technologies are already cheaper, on average, than the incumbent …

Timeline: The Past, Present and Future of Germany’s Energiewende

The Energiewende (energy transition) is an internationally recognised …

The Sower's Way: the Path for the Future

Our paper on "The Sower's Way" has been published in the IOP …

Just 16,000 Catenary Trucks Would Use All of California’s Electricity with only 2400 to 8300 Miles of Overhead Wires

It makes sense to electrify trucks since fuel from oil, coal, and natural …

The Energy-Water Nexus  

Energy and water are inextricably linked: It takes energy to supply water, …

Peak Oil Review - Sept 19 2016

 A weekly roundup of peak oil news, including: -Quote of the week …

Naomi Klein & the Let­down of the Leap Manifesto: Energy Depletion Dismissal is Just as Bad as Climate Change Denial (part 1/3)

Climate change denial is often decried for its destructiveness. But energy …