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LequteMan
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Saudi Arabia is confident that crude prices will rebound with global economic growth boosting demand as high-cost producers cut back, Bloomberg reports.
According to the country's Oil Minister Ali Al-Naimi “I’m 100 percent sure prices will go up, they have no other direction but to go up.”
Saudi Arabia’s 2015 budget is probably assuming an oil price of $80 a barrel, and will be seen as a sign of confidence in the market, according to a former economic adviser to the country’s government.
The assumption is down from $103 a barrel for this year, John Sfakianakis, who used to be chief economic adviser to Saudi Arabia’s Ministry of Finance, said by phone after the budget was announced yesterday.
The world’s biggest crude exporter set 2015 spending at 860 billion riyals ($229 billion) with revenue falling to 715 billion riyals from 1.046 trillion riyals in 2014, the Finance Ministry said. Oil, which has slumped 47 percent this year to $60.23 a barrel in London, accounted for 89 percent of its 2014 revenue.
#Nigeria #SaudiArabia #Oil
According to the country's Oil Minister Ali Al-Naimi “I’m 100 percent sure prices will go up, they have no other direction but to go up.”
Saudi Arabia’s 2015 budget is probably assuming an oil price of $80 a barrel, and will be seen as a sign of confidence in the market, according to a former economic adviser to the country’s government.
The assumption is down from $103 a barrel for this year, John Sfakianakis, who used to be chief economic adviser to Saudi Arabia’s Ministry of Finance, said by phone after the budget was announced yesterday.
The world’s biggest crude exporter set 2015 spending at 860 billion riyals ($229 billion) with revenue falling to 715 billion riyals from 1.046 trillion riyals in 2014, the Finance Ministry said. Oil, which has slumped 47 percent this year to $60.23 a barrel in London, accounted for 89 percent of its 2014 revenue.
#Nigeria #SaudiArabia #Oil
