Sources voiced the goals of the Saudis for the price of black gold

Photo: AFP

Saudi Arabia plans to keep oil price in the range of 70-80 dollars per barrel. This decision the authorities have taken against the background of postponement of IPO (initial public offering) of the national oil company, Saudi Aramco, reported Reuters citing sources.

According to them, despite the fact that the IPO was postponed indefinitely, Saudi Arabia plans to keep oil prices at a high level, the country needs money to Finance some major projects.

“The Saudis need oil at a price of $ 80 per barrel, and they don’t want the price went below $ 70 dollars. They need the money. They have ideas and plans, and now the timing of the IPO was postponed,” said one of the sources.

Saudi Aramco, the national oil company of Saudi Arabia. It is the largest in the world in terms of oil production and size of reserves. Saudi Aramco controls 99% of all deposits in the country, with oil reserves of about 260,8 billion barrels, which is about a quarter of the world’s known deposits of this type of resource.

Today, September 5, as of 10:55 Moscow time the price of October futures for Brent on London’s ICE Futures exchange is 77,66 per barrel.

Earlier, the President of the United States Donald trump blamed OPEC manipulating prices, the Saudi energy Minister Khaled al-Faleh said that neither OPEC nor each of the countries individually is not considered to establish a specific price of oil.