Khalid Al-Falih is viewed as one of the most influential individuals in the global oil market. Investors, traders and other energy experts pay attention when he delivers a message. Yesterday, the Saudi Energy Minister Khalid Al-Falih said that Saudi Arabia will be ready to “meet any demand that materializes to ensure customers are satisfied”. Shortly thereafter crude markets began to slide downward.
Crude prices have been surging the last few weeks with the expected loss of Iranian supply beginning November 4th. With that, the U.S. has been ramping up pressure on OPEC to increase production in an attempt to lower oil prices.
Yesterday, the United States and Mexico settled on new concessions that will make changes to the current North American Free Trade Agreement (NAFTA). The hope is to improve upon the U.S. $69-billion trade deficit with Mexico.
It’s no secret that prices have sky-rocketed at the pump, but do you ever wonder how higher oil prices are affecting the travel industry, whether the mode of transportation be on land, air or sea?