" />
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.


The Great Burning   

What will we do when the Great Burning comes to an end?

The Renewable Revolution

Don’t hold your breath, but future historians may look back on 2015 as …

Peak Oil Notes - Apr 16

Oil prices surged this week.

Putting the Real Story of Energy and the Economy Together

 What is the real story of energy and the economy? We hear two …

Fracking Increases Radon Gas Hazard, US Study Finds

Another major U.S. health study has found that the hydraulic fracking of …

How Conservative Texas Took The Lead in U.S. Wind Power

Innovative government policies have helped propel Texas into the forefront …

The Collapse phenomenon

Michael Ruppert's last book, first starring film role and ascendancy to the …