Arab Today, arab today saudi aramco ceo sees yearend oil price recovery
Last Updated : GMT 18:31:50
Arab Today, arab today
Arab Today, arab today

Saudi Aramco CEO sees year-end oil price recovery

Arab Today, arab today

Arab Today, arab today Saudi Aramco CEO sees year-end oil price recovery

Saudi Aramco company
Riyadh - AFP

Global crude prices should recover near the end of this year, the president of the world's biggest oil exporter, Saudi Aramco, said on Tuesday.

"Our prediction is that we will see some adjustment but it will happen toward the end of this year," Amin al-Nasser, president and chief executive officer of the state-owned company, told a business forum in the Saudi capital.

Global crude prices have plunged from above $100 a barrel in early 2014 to below $31 a barrel on Tuesday.

"I think with low oil prices, demand will hopefully also increase... and as such the gap between supply and demand will start closing," Nasser told the Global Competitiveness Forum organised by the Saudi Arabian General Investment Authority.

Nasser said prices will not return to the $100 level but "it will definitely be better than what we are seeing today."

The price drop led oil-dependent Saudi Arabia to impose unprecedented cuts in its 2016 budget and to push economic diversification.

Authorities are even considering a share listing of Aramco.

The company's chairman Khalid al-Falih told the same forum on Monday that Aramco is maintaining investments in oil and gas despite cutting costs in other ways to cope with plummeting crude prices.

Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have refused to reduce crude output as they seek to drive less-competitive players, including US shale producers, out of the market.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi aramco ceo sees yearend oil price recovery Arab Today, arab today saudi aramco ceo sees yearend oil price recovery

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi aramco ceo sees yearend oil price recovery Arab Today, arab today saudi aramco ceo sees yearend oil price recovery

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday