Saudi Arabia wants higher prices for oil

Published: Tuesday 30 June 1992

Faced with European proposals for higher taxes on oil, Saudi Arabia is signalling desperately that it wants higher prices. This makes a change from its earlier policy of restrained oil pricing. This fortnight's crucial mid-year meeting of OPEC saw the conspicuous absence of the Saudi oil minister. This shift in stand could add as much as US $3 a barrel to the price of petroleum by the end of the year. It seems more than just a coincidence that US $3 is also the starting figure for a carbon tax in Europe.

Subscribe to Weekly Newsletter :

Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.