Saudis strike hawkish oil price pose

[lovuian]

http://feeds.bignewsnetwork.com/?sid=457925413267eda5

The most powerful member of the world's oil cartel signaled a newly hawkish position Thursday on the price of crude oil at the group's Qatar meeting.

Members of the Organization of Petroleum Exporting Countries are meeting to formalize an agreement to cut about 1 million barrels per day of production as a way to support the commodity's recently falling price.

Whereas in years past, Saudi Arabia, OPEC's dominant member has lobbied for a dovish crude oil price of around $30 per barrel, Ali Naimi, Saudi Arabia's oil minister, said Thursday the kingdom now wants crude oil prices to stay around $60 per barrel.

Saudi Arabia needs at least $38 a barrel to meet its current pace of spending, which grows 20 percent annually, the Financial Times said.
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Saudis are quite the greedy sheiks

[Kagemusha]

1. Um, didn't you hear they mysteriously opposed the $60 price lately?

Now they suddenly changed their minds after whatever happened behind the scenes. It was believed they were keeping prices low because otherwise it'd hurt the Republicans...

[The_Casual_Observer]

2. An increase is to be expected about Nov 9