{"id":3220,"date":"2014-12-18T11:17:58","date_gmt":"2014-12-18T16:17:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3220"},"modified":"2014-12-18T11:17:58","modified_gmt":"2014-12-18T16:17:58","slug":"saudi-arabia-says-hard-for-opec-to-give-up-oil-market-share-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3220","title":{"rendered":"Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share – Bloomberg"},"content":{"rendered":"

Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share – Bloomberg<\/a>.<\/p>\n

Saudi Arabia and OPEC would find it \u201cdifficult, if not impossible\u201d to give up market share by cutting crude production, the country\u2019s oil minister said.<\/p>\n

Global oil markets are experiencing \u201ctemporary\u201d instability caused mainly by a slowdown in the world economy, Oil Minister\u00a0Ali Al-Naimi<\/a>\u00a0said, according to comments published today by the Saudi Press Agency. He reiterated the country\u2019s intention to maintain output amid plunging prices.<\/p>\n

\u201cIn a situation like this, it is difficult, if not impossible, that the kingdom or OPEC would carry out any action that may result in a reduction of its share in market and an increase of others\u2019 shares,\u201d Naimi said, according to the state-run news agency. Saudi Arabia, the largest producer in OPEC, will stick to its oil policies, he said.<\/p>\n

The Organization of Petroleum Exporting Countries decided Nov. 27 to keep its production target unchanged at 30 million barrels a day, ignoring calls from members including\u00a0Venezuela<\/a>\u00a0to curb output to tackle a supply glut. Crude prices, which had already fallen 30 percent for the year by the November meeting, plunged after the decision, extending the drop to 43 percent.<\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share – Bloomberg. Saudi Arabia and OPEC would find it \u201cdifficult, if not impossible\u201d to give up market share by cutting crude production, the country\u2019s oil minister said. Global oil markets are experiencing \u201ctemporary\u201d instability caused mainly by a slowdown in the world economy, Oil […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[1752,505,592,600,701],"class_list":["post-3220","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-economic-contraction","tag-market-share","tag-oil-price","tag-opec","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3220"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3220\/revisions"}],"predecessor-version":[{"id":3221,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3220\/revisions\/3221"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}