Has a Bull Oil Market Returned?
Apr 19, 2018 | 21:52 GMT
(AHMAD AL-RUBAYE/AFP/Getty Images)
- Saudi Arabia and other major oil producers may reach their goal of reducing global oil inventories to their five-year average by the next OPEC meeting, scheduled for June.
- With that part of the strategy complete, Saudi Arabia is seeing other reasons — including boosting the valuation of Saudi Aramco — to support higher prices.
- But it's not just Saudi Arabia's strategy that has helped bring oil prices to their highest level since November 2014; structural factors that have leaned heavily on oil producers like Venezuela and the prospects for production in Libya and Iran have contributed to the higher prices.