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Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries (OPEC), said that despite increased demand from refiners for its crude oil, its exports to major customers would be drastically reduced in March and April. This move contradicts the demands of President Trump. Trump asked OPEC to help lower oil prices, and he is tightening sanctions against Iran and Venezuela.
Sources familiar with Saudi Arabia's oil policy said the export cuts were intended to boost oil prices. Saudi officials say Saudi production policies are designed to balance global markets and reduce high inventories.
"Saudi Arabia wants oil to be at least $70 a barrel and is not very concerned about the impact of the shale oil industry," said an industry source familiar with Saudi oil policy.
Another source said Saudi Arabia wanted to set a "oil price floor" of $70 a barrel or slightly below $70, and said: "No OPEC member country can discuss increasing production now."
Saudi Arabia, which plans to increase government spending to boost economic growth, has declared that it has no oil price target. According to the country, oil prices are determined by the market, and Saudi Arabia's goal is simply to balance global supply and demand.
Jihad Azour, head of the Middle East and Central Asia division of the International Monetary Fund (IMF), said in February that even if oil prices were around $70 a barrel, Saudi Arabia would not be able to achieve budget balance this year. For Saudi Arabia to achieve budget balance this year, oil prices need to reach $80-85 a barrel, Azour said.
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