Riyadh set to test power to move market
Wednesday, 18 June 2008
Carola Hoyos and Andrew England, FT Syndication Service
RIYADH: Saudi Arabia, the world's largest oil exporter, has had only four energy ministers in its modern history and not many more shifts in its oil policy.
The previous changes - every decade or so - had massive repercussions on the oil price and the world economy.
Riyadh is this week likely to attempt to make its mark again but, as yet, it is unclear whether the kingdom has the power to make as much of a difference as in years past.
In calling the world's most powerful countries and the chief executives of some of the biggest international energy groups to a meeting in Jeddah Sunday, Saudi Arabia has acknowledged that oil prices have risen to un
RIYADH: Saudi Arabia, the world's largest oil exporter, has had only four energy ministers in its modern history and not many more shifts in its oil policy.
The previous changes - every decade or so - had massive repercussions on the oil price and the world economy.
Riyadh is this week likely to attempt to make its mark again but, as yet, it is unclear whether the kingdom has the power to make as much of a difference as in years past.
In calling the world's most powerful countries and the chief executives of some of the biggest international energy groups to a meeting in Jeddah Sunday, Saudi Arabia has acknowledged that oil prices have risen to un