12.08.2016 - Saudi Arabia has a $2 trillion reason to play ball with OPEC this fall
Saudi Arabia just made it much more likely that OPEC and other oil producers will take action if crude prices weaken. Word that the cartel will meet on the sidelines of an energy conference in Algeria in late September had already stirred up the oil market this week, but confirmation Thursday from Saudi Energy Minister Khalid al-Falih gave much more credibility to the idea that OPEC will consider action if oil prices remain low. West Texas Intermediate futures soared as much as 5 percent in trading Thursday after the Saudi comments, and later settled at $43.49 per barrel, up 4.3 percent...............................................Full Article: Source
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