This is who Stephen Harper jumped into bed with and sold weapons to, sold the wheat board to and gave landing rights to.
And now he buries his head in the sand
Saudi oil minister's message for high-cost crude producers: 'get out' of market
Saudi Arabia's oil minister told a crowd of U.S. oil executives in Texas on Tuesday exactly what they were afraid of hearing: that OPEC is more than happy to ride out cheap crude prices until higher-cost producers are pushed out of the market.
Ali al-Naimi, the man in charge of managing Saudi Arabia's vast crude oil industry, made the comments in a hotly anticipated speech at the IHS Ceraweek energy conference in Houston on Tuesday.
It was standing room only this morning as hundreds of energy executives, researchers and analysts came to hear what one of OPEC's most powerful voices had to say.
The speech was translated into Russian and Chinese, there were people from dozens of countries on hand, and they all had one key thing in common, their lives have been turned upside down by the man on the stage.
To be clear, the oil supply glut was not caused by Saudi Arabia, but by high prices that caused "every barrel on Earth" to be produced, according to Al-Naimi. That over-supply through the summer of 2014, led to a meeting between OPEC and non-OPEC producers.
"We met with non-OPEC producers, we asked 'what are you going to do?' They said nothing. We said the meeting is over."
No comments:
Post a Comment