Saudi says $60 oil 'not unthinkable' by year-end
Saudi Arabia said on Monday it was “not unthinkable” that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Speaking in the opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al Falih said that whatever the oil price the kingdom was in good shape to implement its reform vision to transform the structure of its crude-based economy by 2030.
“We are seeing the convergence of supply and demand,” said al-Falih. “It is not unthinkable we could see $60 (a barrel) by the year end.
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He added: OPEC should make sure not to crimp too tightly and create a shock to the market.
“We do not want to shock the markets into a process that could be harmful.”
The minister admitted that the kingdom had become “a little fat around the belly, a bit complacent” during the era of high oil prices but was now fully committed to its economic reform programme set out by Deputy Crown Prince Mohammad bin Salman.