Saudi Arabia intends to put up with low oil prices, hoping for their growth in the future

Almaty. May 19. Silkroadnews - Saudi Arabia is ready to tolerate the low oil prices in the hope that they will rise in the long term, reports Trend.
"This explains the refusal of oil minister Ali al-Naimi under the pressure of other OPEC members to cut the production and in this way to strengthen the oil price", - said an analyst of the British consultancy Capital Economics Jason Tuvey.
The financial situation of the country, according to the analyst, enabling it to consider the oil market over the long term.
According to him, Saudi Arabia is well aware that pushing up prices now, it will help the further development of unconventional sources of oil, which would jeopardize the long-term position of the kingdom in the oil market.
J.Tuvey believes that such a strategy is a fruitful country.
The average price of OPEC oil basket last week decreased by 1.16% to $62.83 / bbl compared to $63.57 / barrel the previous week.
Oil production in Saudi Arabia in April rose to 10.308 million barrels per day compared to 10.294 million barrels per day in March, according to a report by OPEC.
Previously, Saudi Arabia reported that oil production in the country will remain at 10 million barrels per day as Asian demand for oil remains strong, and the country is ready to supply any required volume.
At the last year meeting in November, the cartel decided not to change the quota, despite the observed falling oil prices and the entreaties of some countries to cut production in order to stabilize prices. The position of Saudi Arabia, which has refused to cut production, has become the main obstacle on the way to the OPEC quota reduction.
The next meeting of member countries of OPEC will be held on June 4