Nov 21 2011 |
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UPDATE: Saudi Aramco CEO: Oil Supplies Remain At Comfortable Levels
Monday, Nov 21, 2011
--Crude oil supplies at comfortable levels
--Predicts tough times ahead for some companies in renewable energy sector
--Commercial viability of renewables detached from economic realities
(Adds details, background throughout.)
Of ZAWYA DOW JONES
RIYADH (Zawya Dow Jones)--Crude oil supplies are at comfortable levels, the chief executive of Saudi Arabian Oil Co., the world's biggest oil firm, said Monday.
"Last year, even as the world consumed nearly 30 billion barrels of oil, not only was the industry able to replace this production but global petroleum reserves actually increased by nearly seven billion barrels," he said.
Last month, al Falih said that crude prices have recently fallen to a more reasonable range and are still healthy enough to support investment.
Nymex crude oil futures for January last traded down 35 cents at $97.32/bbl on Globex.
Al Falih said Monday that there may be more bankruptcies for some notable companies in the renewable energy sector, after the failure of some firms recently. He said that unrealistic assessments over the commercial viability of renewables failed to take into account economic realities.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
21-11-11 0708GMT
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