Saudi Arabia Says To Coordinate With Other Producers To Ensure Adequate Oil Supply

[ThunderBlade + 231]

Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil. “Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement. “Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”

[Pavel + 384]

I'm sure, they will... for an escalation in price

[pinto + 293]

This Saudi Arabia ....

"Saudi Arabia declares all atheists are terrorists in new law to crack down on political dissidents"

https://www.independent.co.uk/news/world/middle-east/saudi-arabia-declares-all-atheists-are-terrorists-in-new-law-to-crack-down-on-political-dissidents-9228389.html?amp&__twitter_impression=true&fbclid=IwAR06hlGlGWm9dHM6GWOKjohv2RhbFl3HXMpP2euEq0Lb012MJjDiAFGjyOwWhat

[francoba + 93]

Interesting article by Forbes.. If sanctions cut Iran's oil exports to zero, would Saudi Arabia really fill the void?

https://www.forbes.com/sites/ellenrwald/2019/04/21/if-sanctions-cut-irans-oil-exports-to-zero-would-saudi-arabia-really-fill-the-void/?utm_source=TWITTER&utm_medium=social&utm_content=2263581638&utm_campaign=sprinklrForbesMainTwitter#2a6dc5006ea6

[damirUSBiH + 327]

China just announced that not only they won't stop importing Oil from Iran they will increase it. So, extinguishing fire with gasoline....

[50 shades of black + 254]

Statement makes sense ... Saudi Arabia has in effect promised the White House it can and will keep prices down in exchange for much tougher sanctions on its regional enemy Iran....

[Dmitry Bedin + 25]

That means SA is a new pappy of yankees

[ronwagn + 6,290]

8 hours ago, Pavel said:

I'm sure, they will... for an escalation in price

They do weigh the profit margin vs. the volume they can sell. They have many competitors doing the same. They are all in the same boat since America is meeting its own needs and has entered the export markets. Nopec?

[ronwagn + 6,290]

7 hours ago, Dmitry Bedin said:

That means SA is a new pappy of yankees

No, just trading favors. 

[Tom Kirkman + 8,860]

9 hours ago, ThunderBlade said:

Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil. “Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement. “Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”

I'm guessing that the Saudi Energy Minister presumes that $80+  (or specifically, $91)  Brent oil price means a balanced global oil market.

My own personal opinion is that $70.00 Brent is a balanced global oil market.  A suitable, sustainable balance between most oil producers and most oil consumers.

Similar idea to what the Saudi Energy Minister mentioned, but  probably a different number for the global oil price balance.

A couple of my related comments from yesterday:

 

[Falcon + 222]

On 4/22/2019 at 11:39 AM, Dmitry Bedin said:

That means SA is a new pappy of yankees

Saudi Arabia, as we know it, will be gone in 5 to 8 years. 

[SKEP + 229]

On 4/22/2019 at 3:32 PM, ThunderBlade said:

Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil. “Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement. “Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”

Saudi Arabia has lost all credibility .

MBS is an embarrassment.  Nobody at the G20 in Argentina last Feb would even talk to him.  

MBS butchered Khashoggi because he wrote an article about him. I thought Trump was thin skinned. 

MBS had executed 136 dissidents this year. Mostly Shia, including a 15 year old that was riding around on his bike criticizing the Royalty. 

MBS beheaded a princess that had an affair with a married man in Lebanon while at University.  He beheaded her in from of her family.

MBS response, " You don't understand our judicial system."

King Salman will have to replace him as Crown Prince if KSA is to have any chance.

Edited August 6, 2019 by SKEP