" />
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.


Fracking and Health: What we Know from Pennsylvania's Gas Boom

Tensions between economic development, energy policy and environmental and …

Peak Oil Review: A Midweek Update - 24th Aug 2016

 A midweek update. It has been a volatile three days for oil with …

How We Went on an Energy Diet, and What We Lost (and Gained!)

In which I reveal the changes in our household energy usage from 2003 …

Five Billion Years of Energy Supply: the "Stereosphere" and the Upcoming Photovoltaic Revolution

Both the biosphere and the stereosphere use solar light as the energy …

Peak Oil Review - Aug 22 2016

 A weekly roundup of peak oil  news, including: -Oil and the …

Limitless imagination and physical limits

How do we distinguish those ideas that are forever going to remain in the …

Some Reflections on the Twilight of the Oil Age (part III)

The impact of the Tooth Fairy Syndrome is all the more felt in the main …