Saudi Arabia has prepared for the end of the oil era

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Photo: Ahmed Jadallah / Reuters

Saudi Arabia is studying the possible consequences of the collapse of the Organization of countries — exporters of oil (OPEC), according to The Wall Street Journal, citing sources.

According to interlocutors of the edition, the reason to study the issue are concerns about a possible drop in global oil demand, as a result, the cartel would cease to play its previous role in the market.

In the analytical center of the KAPSaRC (King Abdullah Petroleum Studies and Research Center) reported that the study is not connected with criticism of the United States to the cartel, but noted that this position will somehow be taken into account.

“In the Kingdom understand that the demand for oil can’t last forever. In addition, NOPEC can not be ignored,” said the source in Riyadh.

In the course of trading on 9 November, the price of Brent crude oil fell below $ 70 per barrel. WTI is also cheaper — the cost of a barrel dropped below $ 60.

Video, photo All from Russia.

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