Anadolu Agency quotes Brent Scowcroft Center Resident Senior Fellow Robert A. Manning on Saudi Arabia’s need for economic reforms:
OPEC’s king pin, which has been at the center of oil price discussions when it repeatedly decided to not cut production in order to lift prices, still has large financial reserves, some $640 billion, according to Robert Manning, a senior energy expert at the Atlantic Council.
“I think the Saudi view is that their strategy is working and they can afford to pay the price for a bit longer,” said Manning, based on the declining number of U.S oil rigs and reduction in investment in the sector.