Saudis Gauge Oil Situation

The Saudi Council meets to review the oil market scenario. King Abdullah met with the Supreme  Council for Petroleum and Mineral Resources and went over the worldwide oil crisis. The financial market for crude oil and its supply and demand were among the salient points discussed.  The fact that OPEC’s abilities to meet the global […]

OPEC in a Rut

Talks on oil prove inconclusive. The Organization of Petroleum Exporting Countries (OPEC) got bogged down in conflicts when seven of its members decided to keep production rates the same. Libya, Algeria, Angola, Ecuador, Venezuela, Iran and Iraq took a bold and uncompromising stance on this final decision. The Saudis were hopeful that they could convince […]