Aramco Says Saudis Won’t ‘Singlehandedly’ Balance Crude Market - Bloomberg

Aramco Says Saudis Won’t ‘Singlehandedly’ Balance Crude Market - Bloomberg:



"Saudi Arabia won’t balance global crude markets on its own even as prices fall to levels that are “too low for everybody” and threaten investment needed to meet long-term demand, the head of Saudi Arabian Oil Co. said.



Saudi Arabia, the world’s biggest oil exporter, has the most spare capacity in OPEC and has historically played the role of swing producer, cutting its output to raise prices and pumping more to lower them. Oil prices have dropped 55 percent in the past year as rising production from the U.S. and Russia helped global output exceed demand.



“Supply and demand and the rules of economics will govern. It will take time for the current glut to be removed,” Chief Executive Officer Khalid Al-Falih said at a conference in Riyadh. “Saudi Arabia will not singlehandedly balance the market in a downturn,” he said, reiterating government policy."



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