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Saudi Arabia predicts oil price will reach $60 per barrel by end of 2016

October 10, 10:11 UTC+3
Saudi Arabia also expects Russia to play a constructive role in the talks on crude output stabilization
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© Yuri Smityuk/TASS

ISTANBUL, October 10. /TASS/. The oil price will top $60 per barrel by the end of 2016, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid al-Falih said at the International Energy Congress on Monday.

According to the minister, the crude price will reach $60 per barrel either in October or by the end of this year.

Last week the cost of the futures contracts of Brent crude oil for December 2016 delivery on London's ICE trading went up by 2.3% to $52.03 per barrel as it breached the $52 per barrel mark for the first time since June 10.

Saudi Arabia expects Russia to play a constructive role in the talks on crude output stabilization, Minister of Energy, Khalid al-Falih said. 

According to the minister, Azerbaijan and Brazil will also be among those non-OPEC members, that will be participating in the talks, as they are willing to cooperate with the cartel.

As a source in Azerbaijan’s Ministry of Industry and Energy said earlier on October 12, OPEC member-states and non-OPEC members would gather for consultations on crude production cap within the International Energy Congress in Istanbul. According to the press service, OPEC secretary general Mohammad Barkindo said in the invitation letter submitted to Azerbaijan’s Energy Ministry that an informal meeting of energy ministers of Algeria, Saudi Arabia, Qatar, Kuwait, Gabon, UAE, Venezuela and Russia was planned. Also, consultations will be held with energy ministers of Kazakhstan, Brazil, Azerbaijan, Mexico and Oman.

On September 28, OPEC member-nations reached an agreement to limit the average daily oil production to 32.5-33 mln barrels at the informal meeting within the International Energy Forum in Algiers.

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