How Saudi Arabia extends the oil age

Photo: Reuters

In the past 20 years, the oil market, estimated at $ 2 trillion, is used to analyzing every word spoken by Ali al-Nami, Minister of Oil and Mineral Resources of Saudi Arabia. In his words, instructions on how the demand and the price of raw materials would behave. Two times during this time-at the time of crises of 1998 and 2008-OPEC, convinced by Riyadh, reduced quotas for oil production and thus prevented the fall of oil prices. But on November 27, 2014, at the time when the cost of oil collapsed to a four -year minimum, Naimi rejected the offer of most countries - OPEC participants to reduce production and announced that the cartel would not impede the fall in prices. About what goals was pursued by Riyadh, writes Bloomberg Markets magazine in the May issue.

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