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Friday, 16 September 2016

Stalling oil market puts onus back on Saudi Arabia | The National

Stalling oil market puts onus back on Saudi Arabia | The National:

"The stalling oil market has put the onus back on Saudi Arabia two weeks ahead of a planned informal meeting of Opec oil ministers in Algeria.

Two years into the kingdom’s laissez-faire policy, which has shown some signs of success, sombre forecasts in the past week from Opec and the International Energy Agency predicting a prolonged oil glut has put renewed pressure on Saudi Arabia and its Arabian Gulf allies to reconsider their position.


Oil prices dropped by about 7 per cent in the past week, from a close of about US$50 per barrel on September 8 to about $46.40 late yesterday after the gloomy reports."



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