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Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
Keywords:
Said, Kent and Faucon describe the meetings and maneouvring between oil producers that led to the decision to not cut production at the November 2014 OPEC meetings in Vienna. This led to a drop in Brent crude down to below $70 by Dec. 2014, with Russia, Iran and Venezuela losing, countries such as India, and motorists benefitting from lower oil prices.
How the decision to not cut OPEC oil production was reached at the November 2014 Vienna meeting
12/04/2014
The decision leads to a drop in oil prices below $70 for Brent crude by Dec. 2014. A decision by Russia and Rosneft not to cut production, along with cuts by Mexico and the OPEC countries including Venezuela, leads to dropping of a Venezuelan proposal for oil production cuts. This turns out to have been a strategic mistake for Russia as the oil price drops accelerated a decline in the value of the ruble, aggravating a situation made difficult by western sanctions limiting capital access on global capital markets, capital flight, and higher inflation. The decision was presented as a Saudi effort to gain market share in the U.S. which had fallen sharply with increased shale oil production. By taking the Venezuelan proposal into consideration the Saudis maintained OPEC unity, while leaving open the possibility of reevaluating the decision in 2015 after observing the movement in oil price and supplies. The move hurts Iran, Russia and Venezuela which face severe economic constraints. It benefits India which faced severe energy import difficulties.
Grouped Articles
Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
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OPEC Rift Emerging Over Iraq Output, Possible Return of Iran
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The calculations of the Saudis, Russia, Iran and Iraq, Venezuela, and other OPEC members as oil prices decline in Oct.-Dec. 2014
10/15/2014
Each side the Saudis, the Russia, and Iran is looking at the drop in oil prices and how much it can absorb using sovereign reserves as lower prices leads to budget deficits in 2015-2016. Russia and Iran face greater problems with western sanctions, and falling currency values exacerbating rising inflation. Other OPEC countries such as Venezuela and Nigeria face a crisis from falling revenues. In the U.S. this will affect shale oil production as less efficient producers shut down plants, with the overall outlook of lower oil prices being positive.
Grouped Articles
Fall in Oil Prices Poses a Problem for Russia, Iraq and Others
New York Times 10/15/2014
The Oil Price Swoon Won’t Stop the Shale Boom
Wall Street Journal 10/23/2014
As Oil Prices Plummet, Saudi Arabia Faces a Test of Strategy
New York Times 10/15/2014
Refining Saudi Arabia’s Oil Strategy
Wall Street Journal 11/03/2014
Saudi Price Cut Upends Oil Market
Wall Street Journal 11/04/2014
OPEC Members Nearing Compromise on Supply Cuts
Wall Street Journal 11/26/2014
How the Saudis negotiated a way to lower oil prices in 2014
11/28/2014
Linked Articles
Saudi Arabia Sees Oil Prices Stabilizing Around $60 a Barrel
Wall Street Journal 12/04/2014
Free Fall in Oil Price Underscores Shift Away From OPEC
New York Times 11/28/2014
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