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Oil hitting its peak price
- Saudi Arabia: Sunday, June 15 - 2008 at 20:42
The outcome of the oil meeting in Jeddah on 22 June is expected to be a rise in oil production. Brad Bourland, Chief Economist and Head of Research at Jadwa Investment in Saudi Arabia, believes oil prices are peaking and told delegates at the Saudi Investment Summit in Jeddah that he thinks Saudi Arabia will start pumping more oil. 'If you put more oil in the market the price should go down,' he said. If oil costs $100 a barrel, Saudi Arabia will have a capital flow of $11 trillion, said Bourland. At $150, its capital flow is $16.6 trillion, over $3 trillion more than the GDP in the US.
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Rob Jones, Editorial DirectorSunday, June 15 - 2008 at 20:42 UAE local time (GMT+4)
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This article was updated on Mon Jun 16 2008.
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