But guidance on preferred price levels comes from officials speaking off the record, and from industry sources who have discussed the issue with Saudi officials. Two industry sources said a desired crude price of $80 or even $100 was circulated by senior Saudi officials in closed-door briefings in recent weeks. “Look at the economic reforms and projects they want to do, and the war in Yemen. Two industry sources said a desired crude price of $80 or even $100 was circulated by senior Saudi officials in closed-door briefings in recent weeks. How are they going to pay for all that? They need higher prices. “I would not be surprised if Saudi Arabia wanted oil at $100 until this IPO is out of the way.”Opec and its partners meet on June 22 to review policy and before then a ministerial monitoring panel gathers in Jeddah, Saudi Arabia, on April 20.But the kingdom wants the rally to go further. Oil began a slide from above $100 — a price that Saudi Arabia endorsed in 2012 — in mid-2014, when growing supply from rival sources such as US shale began to swamp the market..The Opec, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. There is no indication yet, however, that Saudi Arabia or its allies want to wind down the supply cut.“I personally think that now $70 is the floor for oil prices,” a second Opec source said.
Over the past year, Saudi Arabia has emerged as Opec’s leading supporter of measures to boost prices, a change from its more moderate stance in earlier years. “But Opec is unlikely to make any changes in June, maybe by the end of the year. They have extended the pact until December 2018 and meet in June to review policy.“We have come full circle,” a separate high-level industry source said of the change in Saudi thinking. Iran, once a keen Opec price hawk, now wants lower prices than Saudi Arabia.”Once the Aramco share blown film extruders Manufacturers sale is done, Riyadh would still want higher prices to help fund initiatives such as Vision 2030, an economic reform plan championed by Crown Prince Mohammed bin Salman.Industry sources have linked this shift in Saudi Arabia’s stance to its desire to support the valuation of state oil company Aramco ahead of the kingdom’s planned sale of a minority stake in an initial public offering.“Saudi Arabia wants higher oil prices and yes, probably for the IPO, but it isn’t just that,” an Opec source said.“We have come full circle,” a separate high-level industry source said of the change in Saudi thinking.The supply cut has helped boost oil prices this year to $73 a barrel, the highest since November 2014. The market still needs support.Opec is closing in on the original target of the pact — reducing industrialised nations’ oil inventories to their five-year average. Dubai/London: Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an Opec supply-cutting deal even though the agreement’s original target is within sight.”To be sure, Opec and Saudi Arabia have no official price target and say the objective of the production cut is to balance supply and demand, and reduce the inventory glut.
The comments made by some American politicians in last two, three days are suspicious,” he added. “Today, our main problem is unemployment and recession, the lack of a booming economy and many structural and economic deficiencies,” he added. “Sanctions are gone but there is a long way between sanctions and development,” he said, speaking to an Wholesale injection molding screw head and rings economics conference in Tehran. Khamenei welcomes sanctions lift, warns of US ‘deceit’ in dealIran’s Supreme Leader Ayatollah Ali Khamenei on Monday welcomed the lifting of international sanctions against Iran, but warned that Tehran should remain wary of its old enemy the United States.Iranian President Hassan Rouhani (above) after delivering a speech during a conference entitled “Implementation of Joint Comprehensive Plan of Action — A New Chapter in Iran’s Economy” in Tehran on Monday. But Mr Rouhani, whose election in 2013 heralded more than tw-o years of nuclear negotiations with world powers, managed to curb inflation to 13 per cent..Under the previous government of Mahm-oud Ahmadinejad, infl-ation topped 40 per cent.The unblocking of funds, which had been held in foreign banks, comes after the UN atomic watchdog confirmed at the weekend that Iran had complied with measures in the July atomic accord. (Photo: AFP) Iranian President Hassan Rouhani (above) after delivering a speech during a conference entitled “Implementation of Joint Comprehensive Plan of Action — A New Chapter in Iran’s Economy” in Tehran on Monday.“I reiterate the need to be vigilant about the deceit and treachery of arrogant countries, especially the United States, in this (nuclear) issue and other issues,” Mr Khamenei said.“Today is just the sta-rt for an innocent hum-an who was kept chai-ned unjustly by the hands and feet for 12 years,” he said. Iran announced a major boost of 5,00,000 barrels per day in oil production on Monday — a move Tehran had long planned for once its nuclear deal took effect.
Iran will receive $32 billion of unfrozen assets after sanctions were lifted under its nuclear deal, the central bank said on Tuesday, in a boost to an economy sapped by years of isolation. The next budget starting in March is based on a projected oil price of $40 per barrel price and exports of 2.The assets will be kept “in centralised and safe accounts” abroad, central bank chief Valiollah Seif was qu-oted by state television as saying, adding that the money could be used to pay for imports. In his first comments since the deal took effect, Iran’s highest authority made clear that Washington should still be treated with suspicion. He made no mention of a surprise prisoner exchange that also took place this weekend.Iran hopes that steps to ease its isolation, including the re-admission of its banks to the SWIFT system of international transactions, will inject new vigour into the economy. Iran needs annual foreign investment of $30-$50 billion to reach an eight per cent gro-wth target and cash in on sanctions relief, the President said.State television reported that Mr Khamenei wrote to President Hassan Rouhani to congratulate him on implementing the nuclear deal, which resulted in United States, European Union and United Nations sanctions being lifted over the weekend.25 million barrels per day. “Be careful that the other side fully meets its commitments.Iran’s economy suffered greatly under the international sanctions that since 2006 targeted the Islamic republic’s nuclear programme an-d financial systems.Republican candidates for the US presidency have criticised the deal, and some Iranian officials fear Washington could walk away from the deal when President Barack Obama leaves office in early 2017.Mr Seif said that $28 billion would go to the central bank and $4 billion “will be transferred to the state treasury as the share of the government”. But opening up to the world cannot completely fix the economy, President Hassan Rouhani said on Tuesday in a televised speech, warning that the “difficult road has just begun”.
Asked if the government would cut excise duty on petrol and diesel, he said he has nothing to say on excise duty front.". Today, brent touched USD 78.India Inc on Monday urged the government to cut excise duty on petrol and diesel immediately. Amongst the most immediate actions that can be taken by the government is to bring down the excise duty on fuel,” he added. building block flat twin screw barrels Factory India Inc on Monday urged the government to cut excise duty on petrol and diesel immediately, observing that rising oil prices pose a high risk to India's economic growth trajectory.He said the weakening rupee will further add pressure on the import bill, highlighting that there is also a risk of monetary policy turning hawkish, which would in turn have a bearing on growth of private investments.Rather than being a revenue source for the government, the auto fuel should drive the economic growth, Assocham said. He said going forward, the Centre should also work with states to bring petrol products under the GST regime.“At a time when Indian economy is on a recovery path, rising oil prices are again posing high risk to India's economic growth trajectory,” Shah said.
New Delhi: India Inc on Monday urged the government to cut excise duty on petrol and diesel immediately, observing that rising oil prices pose a high risk to India's economic growth trajectory. "Just watch.87 per barrel, up 0.5 per cent from last close.In the long run, India needs to rework its energy security and ensure that petrol and diesel do not remain a huge revenue resource.“With global oil prices once again spiralling upwards, the macro-economic risks of higher inflation, higher trade deficit and pressure on balance of payments with attended consequences for the rupee value have once again surfaced,” Ficci President Rashesh Shah said.“
While cut in excise duty on petrol and diesel may provide temporary relief to consumers, the sustainable solution lies in the automobile fuel coming under Goods and Services Tax, which can happen only after the Centre and states together reduce their dependence on the fuel considerably,” Assocham Secretary General D S Rawat said.He said the rising crude prices coupled with weaker rupee with cascading impact on inflation pose a big challenge for the Indian macro picture and ironically, there is little that can be done in the short term.Industry bodies Ficci and Assocham also pitched for inclusion of automobile fuel under the ambit of GST as a long-term solution to rising prices, which coupled with a weakening rupee would increase the country's import bill significantly and have a cascading impact on inflation.“Unless swift action is taken to address the situation, economic growth will again head towards a speed breaker.Economic Affairs Secretary Subhash Chandra Garg had said the spurt in oil prices will push up the oil import bill by USD 25 billion to USD 50 billion under different scenarios, adding that India spent USD 72 billion on oil imports last year.The government said on Friday the recent spurt in global rates is a matter of concern as it could inflate import bill by as much as USD 50 billion and impact current account deficit (CAD). Brent crude oil prices went past the USD 80 per barrel mark last week. However, it remained non-committal on cutting excise duty to ease the burden from rising oil prices
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