Saudi Arabia has a two-part plan for the oil market. The first part is to “stabilize” oil prices at around $50 to help stop the bleeding in its fiscal and social budget. The second step? To push oil prices towards $100, and help its Aramco IPO, when it comes out in 2018.
The first part of the plan seems to be on track. Oil is already hovering near the $50 mark, following the Algiers meeting where the kingdom got OPEC members to agree to output cuts............................................Full Article: Source
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