ZeroHedge – What Saudi Arabia Told The Bank Of England About Why Oil Crashed And Where It Is Headed Next – 17 March 2015

ZeroHedgePrepared remarks as delivered Dr Ibrahim Al-Muhanna, Advisor to the Minister of Petroleum and Mineral Resources for Saudi Arabia, at the March 15 Institute of International Finance Spring Membership Meeting.

The Global Energy Outlook

Ladies and gentlemen.

It is good to be back with you in Doha. Thank you for inviting me to speak about the international oil market. As you all know, the oil market keeps changing, the price fluctuates and supply and demand are constantly shifting. Most of the time, the change in the oil price is small, other times it is large. During the past 40 years, the oil price has sharply risen or fallen at least 12 times, half of which was due to reasons such as politics, war, natural disasters or sanctions. The other half were due to market forces, which includes oil producer policy, such as production cuts or increases, strong economic growth or slowdown, or due to various financial crises.

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