The hottest Saudi Arabia announced a price war aga

2022-08-12
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Saudi Arabia announced to launch a price war on us shale oil

Saudi oil minister alial Naimi told other OPEC member countries that they must fight against the US shale oil boom in a car. He opposed cutting crude oil output in order to suppress oil prices and undermine the profitability of North American producers

alial Naimi won the debate at Thursday's meeting, which ran counter to the wishes of Venezuela, Iran and Algeria, which are relatively poor OPEC member countries, hoping to reduce production and reverse the decline in oil prices

these countries were not prepared to take the initiative to demand a substantial reduction in production, chose not to oppose Saudi Arabia and its rich Gulf allies, and finally succumbed to onami's pressure

"alial Na's first semi metal base brake pad... Later, IMI mentioned the battle for market share with the United States. Those countries that want to reduce production understand that they are not possible to reduce production, because Saudi Arabia wants to fight for market share," an oil minister from non Gulf OPEC countries told the source after the OPEC meeting on Thursday

oil prices hit a four-year low below $72 on Friday. With the boom of shale oil exploitation and the slowdown of economic growth in China and Europe, oil prices have accounted for 13.9% since June; Equipment with a stroke of 400 ~ 700mm fell by more than one third

"you think we agree to do this? But what can we do?" Said a representative of an OPEC member state that advocated production reduction

opec Secretary General Badri actually confirmed that OPEC will launch a battle for market share

when asked whether OPEC had a response to the increase in U.S. production on Thursday, Badri said, "we responded. We kept production unchanged. That's the answer."

opec agreed to maintain the maximum daily output at 30million barrels, which is at least 1million barrels higher than the organization's estimate of the market's daily demand for OPEC crude oil in the first half of next year

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