Current oil prices are the result of many secondary factors, including exemptions that the United States granted to several states from Iran sanctions, and also market speculations, Saudi Energy Minister Khalid Falih said on Wednesday.
RIYADH (Pakistan Point News / Sputnik - 19th December, 2018) Current oil prices are the result of many secondary factors, including exemptions that the United States granted to several states from Iran sanctions, and also market speculations, Saudi Energy Minister Khalid Falih said on Wednesday."I believe that what has recently happened with the [oil] prices is a result of overlap of many non-fundamental factors, including geopolitical factors. This is certainly related to Iran sanctions that the United States introduced, and to exemptions from these sanctions, and also to the US-Chinese trade wars. Moreover, financial factors, monetary policy ... and market speculations are also involved," Falih told reporters.
"As for the fundamental factors, I can tell you with 100 percent certainty that we'll reach the demand-supply balance in 2019 ... We are united both in Saudi Arabia, in OPEC, and outside OPEC," Falih added.
