Saudi Arabia seeks to raise oil prices

SANAA, Dec. 2 (YPA) – Saudi Arabia is seeking to raise oil prices ahead of the first activity of Aramco’s $ 25 billion stock market, British Guardian newspaper reported on Monday.

The newspaper said Saudi Arabia wants to exploit its position among the largest oil exporters in OPEC to pass a decision to raise oil prices.
OPEC is due to meet its oil market allies this week to agree on a policy set by the oil cartel over 2020 output.

The newspaper predicted that the world’s top oil producers will tighten their grip on oil production in a bid to prevent global oil prices from falling below $ 65 a barrel.

Saudi Arabia, by keeping output steady next year, hopes Aramco’s long-awaited IPO will bring a good return in its first trading in the capital market in the next two weeks.

YPA