Now that crude oil prices are above $85 a barrel, how can we expect producing countries to react? For most, this is a no-brainer. As The National points out, Russia – currently the biggest exporter – recently achieved a post-Soviet record in crude oil production, while producers such as Syria and Mexico insist they are doing all they can to turn around their declining production. Most Opec members, meanwhile, have for the past year been steadily reducing their compliance to the production quotas agreed by the cartel in late 2008.
That leaves Saudi Arabia. Ali al-Naimi, Saudi Arabia’s oil minister and the unofficial leader of Opec, says many positive things about the $70 – $80 price range that oil futures have traded in over recent months. “Close to perfect“, “a very happy situation” a some of his comments on those prices in the past few weeks alone, and he has been talking about this range for much longer than that.




