Sector News

Saudi Aramco CEO says he sees oil prices adjusting in 2016

December 7, 2015

(Reuters) – Saudi Arabian Oil Co. (Saudi Aramco) chief executive officer Amin Nasser said on Monday he hoped to see prices adjust beginning in 2016 as non-conventional oil supplies start to decline.

“This year you see a decline, there is no additional unconventional oil coming to the market, actually there is a decline,” Nasser told an energy conference in Qatar’s capital Doha.

“The supply and demand imbalance in the market will adjust and stabilise and the gap will be closing, and we will be seeing, hopefully, an adjustment in the prices going forward starting from 2016,” he said.

Source: Arabian Business

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