Brent Crude at $100 Is a ‘Challenge’ for Saudis, Husseini Says
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Saudi Arabia’s target for reducing Brent crude to $100 a barrel may be difficult to sustain as declining production capacity and Europe’s ban on Iranian imports put upward pressure on prices, according to a former executive of Saudi Arabian Oil Co.
“The $100 for Brent is quite a correction and it will be a challenge to sustain such a low price beyond the short term,” Sadad al-Husseini, the founder of Husseini Energy, a Dhahran-based researcher, said today in an e-mail.