Saudi minister says oil price fluctuations ‘normal’

Saudi Arabia’s Oil Minister Ali al-Nuaimi says movements in the global oil price are to be expected and are “normal.” (File photo: Reuters)

Movements in the global oil price, which has plunged about 50 percent this year, are to be expected and are “normal,” key producer Saudi Arabia said on Thursday, expressing optimism for the future.

“Price fluctuations in commodities, including oil, are normal,” the kingdom’s Oil Minister Ali al-Nuaimi said, quoted by the official Saudi Press Agency.

He said he is “optimistic for the future because the situation that we and the world currently face is temporary.”

He added: “The global economy, especially the emerging economies would return to sustainable growth, and therefore the demand for oil will also grow.”

Naimi said it was difficult for Saudi Arabia and OPEC to reduce its output, affecting their market share, when other oil producers outside the group are raising production “at a time when it is difficult to control prices.”

(With AFP and Reuters)

Last Update: Wednesday, 20 May 2020 KSA 13:54 - GMT 10:54