The Saudi economy is doing "well" despite the recent drop in oil prices, Saudi Arabian Oil Minister Ali al-Naimi said Tuesday.
In "the past four or five years we were fortunate to accumulate reasonable wealth," he said.
There's some "shyness" in the private sector due to tight lending standards, he added.
The minister also said that the world will depend on fossil fuels for the next 30 to 50 years despite efforts to launch alternative sources of energy. "I don't think we have a choice," he said.