Saudi Arabia will try to keep between $70 and $80 a barrel for now. It’s actually the world's biggest crude exporter and it will try to balance between maximizing revenue and keeping the price at a stable level up to the moment U.S. congressional elections, OPEC and industry sources said. After announcing the flotation of Saudi Aramco in 2016, they started pushing for higher crude prices to help maximize the valuation of the state oil company ahead of an (IPO) that was scheduled for this year. That completely changed in April when Trump put pressure on Riyadh to keep the price of crude in balance, he wanted to stop U.S. fuel costs going up ahead of the U.S. midterm elections in November. Now Saudi needs cash to finance a series of economic development projects.
Emerging market currencies keep tumbling
Daily Analysis - 05/09/2018