Saudi Aramco chief Amin H. Nasser
Saudi Aramco chief sees ‘equilibrium’
Saudi Aramco chief Amin H. Nasser
Jeddah - Arab Today
The chief executive of Saudi Aramco sees an “equilibrium” returning to the oil market in the first half of this year, after a rollercoaster ride in prices in recent years.
OPEC in November agreed to cut production by 1.2 million barrels a day from Jan. 1, in an attempt to boost oil prices after they plummeted by more than half.
Amin H. Nasser, head of Saudi Arabia’s state oil giant, said he sees the market balancing.
“The recent agreement… I think it is stabilizing the market, the market is balancing. We are hoping by the first half of 2017 there will be an equilibrium, and there will be a growth. Because demand, what we are seeing, is strong. There will be a need for more resources to come,” he said.
Nasser was speaking at the World Economic Forum Annual Meeting in Davos, Switzerland.
Khalid Al-Falih, Saudi Minister of Energy, Industry and Mineral Resources said that setting oil prices at high levels was no longer feasible.
“Certainly we’re not in the business of setting a price — $100, $60 or $70 is no longer a realistic expectation. Some of the Opec member countries may desire this, but we certainly cannot do it,” he said.
Source: Arab News
- Wednesday ,02 November GMT 17:02 2016 Saudi Arabia’s ambition to become solar powerhouse: Aramco has key role
- Tuesday ,11 October GMT 14:18 2016 Al-Falih: Vision 2030 will lead to stronger and more robust Saudi Arabia
GMT 05:57 2016 Saturday ,26 November
Plan to save Saudi construction firmGMT 17:02 2016 Wednesday ,02 November
Saudi Arabia’s ambition to become solar powerhouse: Aramco has key roleGMT 15:34 2016 Wednesday ,12 October
CEO: Saudi Aramco ‘optimistic’ 2018 right time for IPOGMT 14:18 2016 Tuesday ,11 October
Al-Falih: Vision 2030 will lead to stronger and more robust Saudi ArabiaGMT 11:43 2016 Tuesday ,27 September
CEO: 2018 target for listing of Aramco sharesRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 16:53 2015 Friday ,23 January
Kuwait in mourning over the demise of King Abdullah of Saudi Arabia
GMT 17:41 2018 Thursday ,06 December
Israeli forces halt construction of school facility in Nablus
GMT 12:29 2017 Monday ,28 August
30,000 expected in shelters following storm Harvey
GMT 13:29 2018 Friday ,14 December
Turkey targets military over alleged Gulen links
GMT 12:30 2018 Friday ,14 December
Noriaki Kasai: 30 years of World Cup ski-jumping
GMT 14:23 2018 Friday ,14 December
China to suspend US car tariffs in sign of easing trade tension
GMT 09:06 2024 Thursday ,08 February
Meghan presents fashion award to wedding dress designer Waight Keller
GMT 15:18 2018 Friday ,19 January
Giant pandas arrive in Finland in Chinese charm offensive
GMT 12:02 2018 Wednesday ,17 January
Federer urges players not to act like 'robots'
GMT 11:24 2017 Tuesday ,05 December
Nissan to begin field tests for 'robo-taxis' in Japan
GMT 12:45 2018 Tuesday ,11 December
French Minister refuses to present award to Palestinian NGO
GMT 19:17 2015 Friday ,16 January
Weak world economies continue to restrain oil demand growthGMT 11:43 2013 Tuesday ,07 May
Poet Shihab Ghanem awarded \'Tagore Peace Award\'
GMT 21:22 2017 Monday ,06 March
Will Smith visits Egyptian Museum and takes selfie with King Tut mask
GMT 04:13 2017 Friday ,10 March
Georgian Parliament Speaker Meets Qatar's AmbassadorGMT 11:39 2011 Tuesday ,20 December
Egyptian chic on \'Latest fashion\'
GMT 10:44 2017 Monday ,27 November
Rapist, killer of 11-year-old Pakistani boy in Abu Dhabi
GMT 10:00 2017 Sunday ,26 February
Study tries brain scans to better predict adolescents' problem drug use
GMT 15:06 2018 Friday ,30 November
Egypt, World Bank seek cooperation in solid waste recycling
GMT 20:06 2018 Thursday ,29 November
Abbas says Palestinian struggle to continue until rights are recognized
GMT 08:21 2018 Monday ,19 November
Russia expects new joint energy projects with Vietnam
GMT 12:56 2018 Sunday ,28 October
Four-nation Syria summit calls for lasting Idlib cease-fire
GMT 11:34 2018 Thursday ,11 October
Modern art, antiques on show at cube museum
GMT 07:15 2018 Thursday ,11 October
World Obesity Day: A growing number of Gulf youth are having bariatric surgery
GMT 10:15 2018 Tuesday ,02 October
Bahrain participates in French International Travel Market
GMT 11:30 2014 Friday ,03 January
Ariel Sharon\'s health was in \'slow, gradual\' declineGMT 10:14 2011 Friday ,23 September
Rita Heyster jailed for Carol Jarvis murder cover-upGMT 09:52 2012 Friday ,11 May
Stone-throwing chimp is back -- and this time it\'s personal
GMT 16:16 2017 Friday ,11 August
World's oldest man dead in Israel at 113: media
GMT 15:15 2014 Thursday ,16 October
Poet Mari Garcia debuts her creations in ‘De Mis Manos’
GMT 10:17 2013 Wednesday ,12 June
Syrian TV soap recreates Damascus in Gulf desert
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor