By Amr Adel
Abu Dhabi-Mubasher: Saudi Oil Minister Ali Al-Naimi said the Kingdom’s oil policy is based on pure economic principles.
During the Tenth Arab Energy Conference held in Abu Dhabi, Al-Naimi said: “Recently, certain analyses and articles have spoken of a politically motivated Saudi plot, using oil and its prices against this country or that... This is baseless.”
Since the previous Arab Energy Conference held in Qatar in mid-2010, the global economy has witnessed significant changes, as it grew from nearly $65 trillion to $77 trillion. He added that the emerging countries like China, India and Brazil became representing one third of the global economy, the minister said.
He added that the economic growth of most Arab states exceeded the global rate, noting that oil demand increased by almost 5 million barrels a day and prices stabilized from 2010 until 2014.
Al-Naimi also said 2014 witnessed significant developments as regards global economy and oil markets, as the global economy was expected to grow by nearly 3.7% and oil demand to increase by almost 1.2 million barrels per day.
However, this was not true, because the global economy has not grown by this percentage amid continued economic problems in some major countries like Europe, Russia and Japan. In addition, the economic growth in some countries like China, India and Brazil was below forecasts, the minister said.
He pointed out that oil demand forecasts were cut to 700 thousand barrels per day on economic growth slowdown amid increasing oil production from several sources such as shale oil and sand oil.
Accordingly, oil prices fell sharply, and Saudi Arabia and other OPEC member states sought to restore balance to the market. However, lack of cooperation among non-OPEC producers and spread of misleading information led to the continued decline in oil prices, Al-Naimi said.
Translated by Abdul Maguid Aboshahla
Photo Credit: Arabianeye-Reuters
Abu Dhabi-Mubasher: Saudi Oil Minister Ali Al-Naimi said the Kingdom’s oil policy is based on pure economic principles.
During the Tenth Arab Energy Conference held in Abu Dhabi, Al-Naimi said: “Recently, certain analyses and articles have spoken of a politically motivated Saudi plot, using oil and its prices against this country or that... This is baseless.”
Since the previous Arab Energy Conference held in Qatar in mid-2010, the global economy has witnessed significant changes, as it grew from nearly $65 trillion to $77 trillion. He added that the emerging countries like China, India and Brazil became representing one third of the global economy, the minister said.
He added that the economic growth of most Arab states exceeded the global rate, noting that oil demand increased by almost 5 million barrels a day and prices stabilized from 2010 until 2014.
Al-Naimi also said 2014 witnessed significant developments as regards global economy and oil markets, as the global economy was expected to grow by nearly 3.7% and oil demand to increase by almost 1.2 million barrels per day.
However, this was not true, because the global economy has not grown by this percentage amid continued economic problems in some major countries like Europe, Russia and Japan. In addition, the economic growth in some countries like China, India and Brazil was below forecasts, the minister said.
He pointed out that oil demand forecasts were cut to 700 thousand barrels per day on economic growth slowdown amid increasing oil production from several sources such as shale oil and sand oil.
Accordingly, oil prices fell sharply, and Saudi Arabia and other OPEC member states sought to restore balance to the market. However, lack of cooperation among non-OPEC producers and spread of misleading information led to the continued decline in oil prices, Al-Naimi said.
Translated by Abdul Maguid Aboshahla
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
