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Saudi Arabia lowers oil prices for economic reasons — US economist

January 21, 2015, 14:26 UTC+3 DAVOS
US economist Nuriel Roubini said Saudi Arabia acted as a typical oligopolistic leader
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© AP Photo/Hasan Jamali

DAVOS, January 21. /TASS/. Saudi Arabia has contributed to the oil price decline for economic, rather than geopolitical reasons, US economist Nuriel Roubini said at the Davos economic forum on Wednesday.

Roubini said that Saudi Arabia acted as a typical oligopolistic leader.

They keep the prices low during a certain period of time and oust less profitable producers from the market, such as shale field developers, Venezuela, etc., he added.

Investments into production are naturally declining and low prices are kept for some time and then go up, while Saudi Arabia already captures a sizable market share, Roubini said.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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