Oil at $30 is ‘irrational’ says Saudi Arabia

By FXStreet FXStreet (Bali) – Saudi Arabia notes that at $30 a barrel, oil price is ‘irrational’, expecting the market to recover this year, even if they refuse to cut production in order to re–balance an oversupplied market.

Describing $30 Oil prices as ‘irrational’ was Khalid al-Falih, chairman of state oil company Saudi Aramco, in an interview with the World Economic Forum in Davos, as reported by the Financial Times in its website.

“The market has overshot on the low side and it is inevitable that it will start turning up,” said Mr Falih, adding that “Saudi Arabia has never advocated that it would take the role of balancing market against [the] structural imbalance that was emerging.”
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Source:: FX Street