Marina Schwarz

Falih, Mazrouei Worried about Oil Prices

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This from the Daily Mail: 

"The Saudi and Emirati energy ministers voiced concerns on Thursday over oil price fluctuations, saying they were determined to maintain output, the Saudi oil ministry said.

In a phone call, Saudi Arabia's Khaled al-Faleh and the United Arab Emirates' Suheil al-Mazrouei "voiced their concerns about recent market volatility, fuelled by anxiety over geopolitical events despite the availability of ample supply," the ministry said."

Saving face or truly believing nobody remembers that just a couple of weeks ago al-Falih said Saudi Arabia would very much like Brent at $80?

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$80 oil has global repercussions.  The backlash won't be pretty, if oil reaches triple digits.

Asia oil bill to top $1 trillion a year as crude hits $80

(Reuters) - The cost of Asia’s growing thirst for oil will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.

... In developing economies such as India, Vietnam or the Philippines, fuel costs eat up around 8-9 percent of an average person's salary, according to Reuters research and figures from statistics portal Numbeo. That compares to just 1-2 percent in wealthy countries such as Japan or Australia.

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