You are here

Saudis could face revolt from Opec members

The Saudis' decision last year to let the oil market determine prices has inflicted intense economic pain on their fellow Opec members and other oil producers.

Saudis have downplayed the impact of lower prices on their country, asserting that the kingdom has the financial wherewithal to withstand lower oil prices.

OPEC (the Organization of the Petroleum Exporting Countries) next gathers on Dec 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous Opec winter meeting the Saudi decision to let the oil market determine prices rather than to continue Saudi Arabia's role...

Market voices on: