Saudi comments point to lower oil prices

The publication of OPEC’s monthly oil market report today has been overshadowed by two comments from Saudi Oil Minister Ali al-Naimi. First, Mr al-Naimi confirmed that Saudi output could be increased to offset any shortfall in global supply due to sanctions on Iranian exports. Second, he suggested $100 as a desirable price for a barrel of crude, well below the current OPEC basket price of around $111.

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.
By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.

Already a client or trialist? Log in to read this.