Arab Today, arab today saudi need for oil at 85 may speed cutback
Last Updated : GMT 09:11:28
Arab Today, arab today
Arab Today, arab today

Saudi need for oil at $85 may speed cutback

Arab Today, arab today

Arab Today, arab today Saudi need for oil at $85 may speed cutback

Riyadh - Arabstoday

Saudi Arabia may start cutting oil output ‘much sooner\' than it did after the financial crisis in 2008 because it now needs crude prices of at least $85 (Dh312.2) a barrel to pay for spending, Sanford C. Bernstein & Co said. The kingdom\'s 2011 budget forecasts revenue of $144 billion and expenditures rising 7.4 per cent to $154 billion, suggesting a $65 a barrel break-even price, Oswald Clint, a London-based analyst at Bernstein, said in a report yesterday. Additional spending of $36 billion announced in February increases the breakeven price by $20 a barrel, assuming the Saudis export 75 per cent of current production, he said. Oil fell 0.8 per cent at 4.35pm in Singapore to $85.03 a barrel in electronic trading on the New York Mercantile Exchange, heading for a third weekly decline on concern that debt crisis in Europe and the US will worsen an economic slowdown. Crude traded last week for as little as $75.71 a barrel, a ten-month low. \"We would feasibly expect to see Saudi exports start to decrease much sooner this time if a bear case was to materialise,\" Clint said. Saudi Arabia\'s export levels had bottomed at about six million barrels a day in late December 2008 when oil prices reached $40 a barrel levels from ten million in September 2008, Clint said. He tracks 10,000 crude tankers sailing from Saudi ports over the last six years. \"While Saudi would have decreased supply in early 2011, loss of Libyan volumes in the first quarter and increased Japanese demand post the March earthquake have meant the taps have stayed open, leading to record exports in June,\" Clint said. Saudi Arabia has now made up 75 per cent of the Libyan loss, he said. The Organisation of Petroleum Exporting Countries will trim shipments by 0.3 per cent this month as refiners reduce imports during plant maintenance, according to tanker-tracker Oil Movements. Exports will drop to 22.71 million barrels a day to August 27, the England-based researcher said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi need for oil at 85 may speed cutback Arab Today, arab today saudi need for oil at 85 may speed cutback

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today Former head of Egypt’s syndicate submits appeal

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 15:06 2017 Saturday ,25 March

Dialysis Supplies Dwindle for Syrians

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday