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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSaudi sights set on US shale at crucial OPEC meeting
Riyadh (AFP) - OPEC's biggest crude producer Saudi Arabia will have its sights set on the upstart US shale oil business at a crucial cartel meeting to debate possible output cuts on Thursday.
Analysts say the kingdom is content to see shale oil producers -- and even some members of the cartel -- suffer from low prices and will resist pressure to reduce output and shore up the cost of oil.
A barrel of crude has plunged by about one third in value since June to around $80 in an increasingly competitive market.
Saudi Oil Minister Ali al-Naimi was silent about his government's intentions Monday as he arrived in Vienna ahead of the OPEC gathering.
http://news.yahoo.com/saudi-sights-set-us-shale-crucial-opec-meeting-030251315.html
Esse Quam Videri
(685 posts)The only negative of these lower prices is that it may drive new car buyers away from more fuel efficient vehicles. Other than that, I hope the lower prices put a world of hurt on the companies that are ravaging the North American countryside.
FLPanhandle
(7,107 posts)So they are squashing shale oil and alternative energy companies at the same time.
Good for them, bad for the planet in the long run.
TransitJohn
(6,932 posts)Saudi money funds lots of anti-fracking activism. They want all the money.