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December 23rd, 2014 
FAKE NEWS for the Zionist agenda
Special to WorldTribune.com
ABU DHABI — Saudi Arabia has been struggling to counter the plunge in crude oil prices.
Officials said the Saudi leadership has decided to maintain production despite a nearly 50 percent drop in the price of crude in 2014. They said the government assessed that prices would rise in early 2015.
Saudi oil official at rig near Howta, Saudi Arabia. / John Moore / AP
“The situation that we and the world currently face is temporary,” Saudi Oil Minister Ali Al Nueimi said. “The global economy, particularly the economies of emerging countries, will resume growth steadily, and then demand for oil will also grow.”
In a move to assuage global fears, Al Nueimi issued a statement on the official Saudi Press Agency on Dec. 18 that addressed Riyad’s energy policy. The minister ruled out a Saudi or OPEC production cut, saying it would be ineffective.
OPEC was reported as producing 30 million barrels per day, nearly a third of which stemmed from Saudi Arabia. Energy analysts said Saudi Arabia has reduced oil exports by 10 percent since October 2014.
Al Nueimi said the drop in prices from more than $100 to just above $50 over the last six months reflected a slowdown in global economic growth. He also acknowledged reduced oil demand as well as the fracking revolution bringing sharply increasing energy supply from the new U.S. shale oil sector.
“It is difficult, or even impossible, for Saudi Arabia or OPEC to undertake any measure that would lead to a reduction in [their] share of the market and an increase in that of non-OPEC producers,” Al Nueimi said.
Saudi officials also pledged that lower oil revenues would not hamper the kingdom’s massive defense or infrastructure programs. Riyad has been planning to launch programs worth tens of billions of dollars over the next year.
Analysts, however, warned that Saudi Arabia and other Gulf Cooperation Council producers could lose $350 billion over the next year. They said this would mark half of the earnings by the six GCC states.
“There are wrong analyses that are circulated from time to time, like linking oil decisions with political motives,” Al Nueimi, who in December survived the biggest Cabinet reshuffle in the kingdom’s history, said. “These wrong analyzes will be exposed for sure, which would help to bring back balance to the market.”
Officials said Saudi energy policy, believed aimed to undermine neighboring Iran, was coordinated with others in OPEC, particularly the Gulf Cooperation Council. The neighboring United Arab Emirates also pledged to maintain current production rates.
Source Article from http://www.worldtribune.com/2014/12/21/scrambling-saudis-blame-oil-price-drop-u-s-fracking-revolution-global-economic-slowdown/
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