Saudi Oil Min: Oil Prices to Be ‘Firm’ Rest of Decade

Schlumberger – Saudi Arabian Oil Minister Ali al-Naimi said Tuesday he believes crude oil prices will “stay firm” for the rest of this decade due to strong economic growth, tight refining capacity and the long lead times needed to bring new oil capacity into service.

“It is not my nature to forecast oil prices…Nevertheless, I believe the oil prices for the remainder of this decade will stay firm,” Naimi told a Euromoney conference here.
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