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Saudi Arabia ready to tolerate low oil prices for sake of market share

Saudi Arabia ready to tolerate low oil prices for sake of market share

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Date: 15 January 2016 11:12

Baku, Azerbaijan, Jan. 15

By Anakhanum Khidayatova – Trend:

Saudi Arabia is ready to tolerate the low oil prices to preserve its market share and displace the US from the market, Talgat Mamyrayymov, the former head of the Real politik analytical service, independent political analyst from Kazakhstan, told Trend.

He said that oil prices are falling for objective reasons.

"First, Iran will soon enter the market,” he said. “Second, Saudi Arabia said that it is ready to tolerate a price of $10 per barrel. Saudi Arabia seeks to find its niche on the market and press the US shale oil suppliers."

He said that oil prices continue falling and can reach up to $10-15 per barrel, adding that big oil players intend to leave the oil business and count on alternative energy sources.

"Thus, the games on the stock markets will not be in favor of the oil market because the major Western capital is beginning to leave it," he said.

According to the forecasts of the US Energy Information Administration (EIA), the average price of North Sea Brent oil will reach $40 per barrel in 2016 and $50 per barrel - in 2017. The EIA forecasts the average price on the US WTI oil at $38.54 per barrel in 2016 and $47 per barrel - in 2017.

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