Arab Today, arab today saudis driving oil markets
Last Updated : GMT 12:28:21
Arab Today, arab today
Arab Today, arab today

Saudis driving oil markets

Arab Today, arab today

Arab Today, arab today Saudis driving oil markets

Vienna - UPI

Further declines in crude oil prices may force Saudi Arabia to reduce production following an OPEC decision to keep production quotas in place, an analyst said. Oil prices spiked in the first quarter of 2012 after Iran threatened to close key oil shipping lanes in response to tightened sanctions. As more countries move away from Iranian crude, meanwhile, Saudi Arabia has ramped up production to meet market demands. Members of the Organization of Petroleum Exporting Countries, during their regular meeting in Vienna this week, opted to keep production quotas in place despite slumping crude oil prices. The International Energy Agency described oil markets as well-supplied. Jason Schenker, president of commodity research company Prestige Economics, told Bloomberg News that Saudi Arabia would have to clamp down on supplies should oil prices slump further. \"It puts some of the onus on the Saudis but, at the end of the day, they\'re going to remain very responsive to what happens in the world market,\" he said.

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