20 Apr '16, 10am

OPEC Talks in Doha Fail to Start Oil-Production Freeze

OPEC Talks in Doha Fail to Start Oil-Production Freeze

Oil industry construction projects in the Middle East have slowed due to low petroleum prices. “Oil is a force for good ,” Saudi Arabia’s oil minister, Ali Al-Naimi, recently said, but low oil prices have contributed to social and economic chaos in many countries rich in hydrocarbon reserves. Many of these nations have established annual spending budgets based on oil prices that range from $60 to $80 a barrel. So, the current price — hovering around $40 per barrel — has finance ministries scrambling. Some countries, such as Qatar, have some wiggle room, as Bloomberg reported that it needs oil priced at least around $55 a barrel for a balanced budget. Other countries that are notorious for squandering their oil wealth, including Nigeria and Venezuela, need oil to surge up to $120 a barrel in order to fund their spending plans. Nigeria’s oil minister, however, said $60 a bar...

Full article: http://www.triplepundit.com/2016/04/opec-talks-doha-fail-...

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