$50 oil price to sustain investment, Saudi energy minister says
Tuesday, 12 July 2016
The engineer Khaled Al-Faleh, the Saudi minister of energy and industry, said that an amount of nearly fifty dollars for one barrel of oil is very low. Al-Faleh said to a German newspaper that Saudi Arabia hopes that the slow global growth will not cause a decline in demand for oil, and he described its current position as healthy. Al-Faleh mentioned that the sustainability of investment in the oil sector requires prices between fifty to one hundred dollars for one barrel of oil, adding that the markets witnessed a decline in supply at about one million barrels a day. However, Al-Faleh pointed out that there are still hundreds of millions of barrels of oil in the market and to reduce the surplus in supply will take a long time.