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Saudi Arabia Is Taking a Harder Line on Oil Prices

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  • Al-Falih says cuts should continue even if there’s a shortage
  • Kingdom needs higher prices to implement economic reforms: RBC

For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting.

Thanks to OPEC-led production cuts, crude prices are double their level two years ago and bloated oil stockpiles are almost back to normal. Yet Saudi Energy Minister Khalid Al-Falih wants to go further.