Saudis Have No Good Reason to Drive Oil Up to $100

September 8, 2023/in /by Rudolf Huber

They might just need the money. Forgetting that high prices drive down consumption and hence sales. And yet, in spite of all the nudges oil gets from Saudi Arabia for a while now, the USD 100 target (assumed) still seems pretty unattainable. They might eventually get there but I doubt that this will be because of any nudging. The market does what the market does and much of it makes no commercial or economic sense anyhow. So why try? It’s hard to make a nation of people with easy life for decades work. Saudis have gotten used to the easy cash. They expect an easy life devoid of all the hardships of someone who really works the market to make a buck. Gaming the oil market might come back to bite them.

Saudi Arabia has no good reason to drive the oil price up to $100 per barrel, according to Bjarne Schieldrop, the Chief Commodity Analyst at SEB.

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