Madeleine Albright Predicts the Saudis Won’t Rise Oil Prices

Oil is extremely cheap right now. Saudi Arabia could change that, but former U.S. Secretary of State Madeleine Albright predicts the Saudis won’t act to hike prices.

“It’s very hard to watch, I have to say, in terms of rational thinking,” Albright said in an exclusive interview with CNNMoney on the sidelines of the Albright Institute at Wellesley College.

Oil prices hit a 13-year low in January. Crude oil trades for a mere $30 a barrel — about the same price as the popular game Cards Against Humanity.
Saudi Arabia desperately needs oil prices to go back up. It’s hemorrhaging cash and having to borrow money. If Saudi Arabia cut back on its oil production, prices would likely shoot up. But Albright says that won’t happen.

“From everything I know about the Saudis, they are pretty clear about the fact that they need that market share. If they give it up, then they will not get it back,” she said.

The Saudis aren’t just worried about prices now, they are deeply concerned that America could become oil independent in the coming years, Albright says.

via CNN

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.