Oil demand this year will be "somewhat sluggish" and global economic conditions will likely remain as turbulent as they were in 2011, the chief executive of state giant Saudi Arabian Oil Co., or Saudi Aramco, said Wednesday.
Oil demand this year will be "somewhat sluggish" and global
economic conditions will likely remain as turbulent as they were in 2011, the
chief executive of state giant Saudi Arabian Oil Co., or Saudi Aramco, said
Wednesday.
"I think demand will be somewhat sluggish in 2012," Khalid Al Falih
said at the annual World Economic Forum in Davos.
Leading forecasters at the the Organization of Petroleum Exporting Countries
and the International Energy Agency have trimmed oil demand forecasts in recent
months as the eurozone crisis has persisted and tough economic conditions
elsewhere have lingered.
Al Falih expects those troubles to continue.
"2011 was turbulent for the market...and I think 2012 will be just as
turbulent and eventful," Al Falih said.
Al Falih also said that crude oil prices have fallen to reasonable levels last
year and that "prices close to $100 per barrel will be needed to
incentivize investments." His remarks follow recent statements by
Saudi
Arabia
's Oil Minister Ali Naimi that
he hopes oil prices stabilize at around $100 a barrel.
Saudi Aramco is fully owned by the
Kingdom
of
Saudi
Arabia
. It is one of the largest oil and gas companies in
the world with activities in exploration and production, refining,
distribution, shipping and marketing, according to the organization's website.
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