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Oil price policy a success, says Saudi Arabia

Saudi official says that lower oil prices are helping to squeeze out rival oil producers

14 MAY 2015

Saudi Arabia has hailed its policy of squeezing oil rivals a success, as high-cost producers such as the US shale gas industry have struggled to compete with the kingdom.

"There is no doubt about it, the price fall of the last several months has deterred investors away from expensive oil including US shale, deep offshore and heavy oils," a Saudi official told the Financial Times.

The frank statement offers a "rare insight" into Saudi Arabia's approach to oil strategy, the FT says. The world's largest oil exporter has previously avoided answering questions about its decision to maintain high levels of oil production – a move that many analysts suggested was intended to drive the oil price down to force rivals out of the market.

According to Opec's latest monthly oil report, Saudi Arabia increased its oil output from 10.29 million barrels per day in March to 10.31 million barrels per day in April.

On Wednesday, data from the International Energy Agency showed that the number of rigs running in the US has dropped by 60 per cent as companies have either sought to cut costs in response to lower oil prices or have simply gone out of business.

But the IEA said that it would be "premature" to suggest that Saudi Arabia and Opec had "won the battle for market share". Some high-cost areas such as Brazil have managed to maintain their own high levels of production, contributing to the oil glut that has brought prices crashing from highs of $115 a barrel last June to almost $45 in January.
In the face of growing calls to find alternatives to fossil fuels, the Saudi official told the FT that "Saudi Arabia wants to extend the age of oil. We want oil to continue to be used as a major source of energy and we want to be the major producer of that energy.
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Read more: http://www.theweek.co.uk/oil-price/60838/oil-price-fluctuates-as-china-announces-new-stimulus#ixzz3aYYTrvRT