{"id":6065,"date":"2015-02-27T07:06:44","date_gmt":"2015-02-27T12:06:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6065"},"modified":"2015-02-27T07:06:44","modified_gmt":"2015-02-27T12:06:44","slug":"opecs-strategy-is-working-claims-saudi-oil-minister","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6065","title":{"rendered":"OPEC\u2019s Strategy Is Working Claims Saudi Oil Minister"},"content":{"rendered":"<h3><a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/OPECs-Strategy-Is-Working-Claims-Saudi-Oil-Minister.html\" target=\"_blank\">OPEC\u2019s Strategy Is Working Claims Saudi Oil Minister<\/a><\/h3>\n<p>Saudi Oil Minister Ali al-Naimi, the architect of OPEC\u2019s strategy to regain market share by causing the price of crude oil to plunge, says his plan is working, and data from petroleum research firms seem to back him up.<\/p>\n<p>Making his first public comments in two months, al-Naimi told reporters in the southwestern Saudi city of Jazan that\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/oil-demand-is-growing-says-saudi-oil-minister-1424856417\">the markets have cooled off<\/a>, and cited Brent crude, the global benchmark, as an example, noting that its price has stabilized at about $60 per barrel.<\/p>\n<p>He also pointed to data that inexpensive oil is driving up demand, notably in China and the United States, which eventually could lead to price stability or to a price rebound.<\/p>\n<p>But Al-Naimi warned naysayers not to upset this new balance. \u201cWhy do you want to rock the markets?\u201d\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/oil-demand-is-growing-says-saudi-oil-minister-1424856417\">he asked<\/a>. \u201cThe markets are calm. \u2026 Demand is growing.\u201d<\/p>\n<p><a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/OPEC-Considers-Emergency-Meeting-On-Oil-Prices.html\"><strong>Related:\u00a0OPEC Considers Emergency Meeting On Oil Prices<\/strong><\/a><\/p>\n<p>If al-Naimi is right, then his strategy was correct, and it acted quickly. It was only three months ago at OPEC\u2019s headquarters in Vienna that the Saudi minister<a href=\"http:\/\/oilprice.com\/Energy\/Oil-Prices\/OPEC-Refuses-To-Cut-Production-Sending-Oil-Price-Down-Again.html\">pushed through a plan<\/a>\u00a0to maintain oil production at 30 million barrels a day, declaring a price war with US shale oil producers who rely on costly hydraulic fracturing, or fracking, to extract oil embedded tightly in underground rock.<\/p>\n<p>The US shale producers had not only created a global oil glut, which was depressing the price of oil, but they also had turned their country from OPEC\u2019s biggest customer to a nation headed towards energy independence.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC\u2019s Strategy Is Working Claims Saudi Oil Minister Saudi Oil Minister Ali al-Naimi, the architect of OPEC\u2019s strategy to regain market share by causing the price of crude oil to plunge, says his plan is working, and data from petroleum research firms seem to back him up. Making his first public comments in two months, [&hellip;]<\/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":[505,588,592,1775,595,596,600,827,846],"class_list":["post-6065","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-market-share","tag-oil","tag-oil-price","tag-oil-price-collapse","tag-oil-production","tag-oil-supply","tag-opec","tag-united-states","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6065","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=6065"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6065\/revisions"}],"predecessor-version":[{"id":6066,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6065\/revisions\/6066"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}