There are indicators that Saudi Arabia’s production of oil will decline gradually after the Libyan and Iraqi markets flourish and resume exports, said Said Al-Shaikh senior economist at NCB.
He added that the Kingdom managed to control the oil production market amid the region’s political unrest, which contributed remarkably to boosting demand for oil and raising prices.
Al-Shaikh forecasted the oil prices to decrease gradually to $90 per barrel in the future, Al-Yaum daily reported.