Down In Saudi Arabia, They're Partying Like It's 2008 - Bloomberg

Down In Saudi Arabia, They're Partying Like It's 2008 - Bloomberg:

"Is this really 2018? It started to sound a lot like 2008 in Saudi Arabia on Friday, as the kingdom's oil minister argued that the world could tolerate a higher crude price.

"I haven't seen any impact on demand with current prices," Khali Al-Falih told reporters at the meeting of OPEC and non-OPEC producers in Jeddah. Arguing that the energy intensity of global economic growth hadn't declined, he offered the view that "there is the capacity for higher prices."

President Trump certainly didn't appreciate the sentiment, firing off a tweet that accused OPEC of promoting "artificially high prices" which "will not be accepted.""



'via Blog this'