RIYADH, Saudi Arabia – Saudi Arabia’s state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable.
Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the gap between supply and demand has been shrinking, which could drive prices up.
Nasser declined to give a precise price range. He says “our prediction is we will see some adjustment,” though not a return to the $100 barrel range of two years ago.
Brent crude, a benchmark for international oils, was trading Tuesday at $31.13 a barrel in London.