Saudi Arabia pushes oil price to level of US$70 per barrel

15:07 | 26/03/2019 Global Economy

The government of Saudi Arabia will raise oil price to the level of US $ 70 per barrel, because of the abundant supply of shale oil from the United States.

saudi arabia pushes oil price to the level of us 70barrel
An oil refinery in Saudi Arabia - Photo: AFP/TTXVN

"The Saudis want oil to be at least US$ 70, and (they) are not worried about too much shale oil in the market," said a source in the Saudi Arabian government on Sunday (March 24).

Jihad Azour, Director of the International Monetary Department of the Middle East and Central Asia, said that Saudi Arabia needs to drive crude oil price to the level of US$ 80-85 per barrel. The goal, said Azor, is to stabilize the balance of global oil supply and demand.

To push for the increase in crude oil prices in the global market, Saudi Arabia and OPEC will continue to cut oil production. So far, there has been no signal from OPEC to add back the amount of oil production.

Theo Idnfinancials