Can Saudi Arabia control the price of oil?

[dan_s]

If they can, oil prices are going a lot higher.

Raymond James published a very interesting report on Saudi Arabia this morning. In the report, RJ estimates what the price of oil needs to be to balances Saudi Arabia's budget. It you'd like to read the full report, send me an email: dmsteffens@comcast.net

Raymond James: "Saudi has repeatedly made it clear that it is targeting a Brent oil price above $80/bbl this year. In this week's Stat we detail why we think Saudi will do whatever it takes to get oil prices back above $80/bbl. We will also address the long-delayed IPO of Saudi Aramco and the broader story of the Vision 2030 economic diversification strategy."


Key sentence in RJ's report: "We estimate that $84-89/Bbl Brent will be needed to balance the Saudi budget in 2019."