Riyadh plays long game as oil prices fall
In depth
Issue 980
- 30 Oct 2014
| 9 minute read
The rapid decline in crude oil prices – to around $87/bbl as GSN went to press, from a June peak of $115/bbl – poses an intriguing set of challenges for Gulf oil producers ahead of an important meeting of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna on 27 November. On the table will be strategies for influencing the oil price in H1 2015, with key members of the cartel – notably Saudi Arabia and Iran – holding widely divergent views on tactics and outcomes.
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