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Saudi Arabia Comfortable With Brent Oil Above $80

Stormysaga in Oil (General)

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Stormysaga    + 62

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Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions. 

Saudi officials said they don’t intend to drive prices higher but are growing more inured to the prospect of higher futures, which are likely to result from sanctions against Iran, set to take effect in less than two months. 

Previously, Saudi Arabia had appeared to cow to complaints by President Donald Trump that crude prices were getting too rich.

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