Abdulaziz bin Salman's (Saudi Energy Minister) reaction to #oil prices plummeting 7 percent last week:
"We carefully monitor the events related to the spread of the corona virus.
We have full confidence that the Chinese government and the international community can overcome the spread of the virus and control its consequences.
We in the Saudi government and in the members of OPEC+ have the power and potential to respond immediately to current developments to stabilize the oil market and prices!"
seems like the saudis want to prevent the fall from going below 48-50. they need oil at $80+ per barrel to balance their budgets, so its likely for them to cut exports to balance the prices and keep them from falling further down from coronavirus panic.
"We carefully monitor the events related to the spread of the corona virus.
We have full confidence that the Chinese government and the international community can overcome the spread of the virus and control its consequences.
We in the Saudi government and in the members of OPEC+ have the power and potential to respond immediately to current developments to stabilize the oil market and prices!"
seems like the saudis want to prevent the fall from going below 48-50. they need oil at $80+ per barrel to balance their budgets, so its likely for them to cut exports to balance the prices and keep them from falling further down from coronavirus panic.
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