Saudis See Strong Oil and Look to Secure Sales in Prized Market
- Oil minister says fundamentals good, market balance reasonable
- Aramco to take 50% stake in Indian refinery, supply it crude
Saudi Arabia Said to Signal Ambition for $80 Oil Price
This article is for subscribers only.
Saudi Arabia signaled the outlook for crude is sunny and sought to secure sales in the world’s fastest growing oil market with a stake in a planned $44 billion Indian refinery.
OPEC’s top producer sees “strong fundamentals” and “reasonable” balance in the short term, according to Energy Minister Khalid Al-Falih. Stockpiles in developed nations are now close to normal levels, he said on Wednesday, signaling that output curbs the Organization of Petroleum Exporting Countries and its allies have made to shrink a global glut are working.