Saudi Arabia Confident in Oil Rebounding on Global Growth – Bloomberg.
Saudi Arabia, the world’s largest oil exporter, is confident that crude prices will rebound with global economic growth boosting demand.
Prices will recover from a slump due to a glut created by a lack of cooperation from producers outside the Organization of Petroleum Exporting Countries, Saudi Arabia Oil Minister Ali Al-Naimi said at a conference in Abu Dhabi. Al-Naimi ended his speech showing the confidence as he jumped off the stage and smiled.
Brent oil tumbled into a bear market this year as the U.S. pumped the most oil in more than three decades and economic growth slowed from China to Germany. Global crude demand was about 700,000 barrels a day this year, below the projected 1.2 million barrels a day, Al-Naimi said.
“The oil market will recover,” Al-Naimi said. “Fossil fuel will remain the main source of energy for decades to come.”
