Jan 25 2012 |
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* Saudi Aramco CEO: Oil Demand Will Be "Somewhat Sluggish" In 2012
Wednesday, Jan 25, 2012
(MORE TO FOLLOW) Dow Jones Newswires
25-01-12 1005GMT
* Saudi Aramco CEO: $100 A Barrel Needed To Incentivize Investment
Wednesday, Jan 25, 2012
(MORE TO FOLLOW) Dow Jones Newswires
25-01-12 1008GMT
Saudi Aramco CEO: Oil Demand Will Be "Somewhat Sluggish" In 2012
Wednesday, Jan 25, 2012
DAVOS, Switzerland (Dow Jones)--Oil demand this year will be "somewhat sluggish" and global economic conditions will likely remain as turbulent as they were in 2011, the chief executive of state giant Saudi Arabian Oil Co., or Saudi Aramco , said Wednesday.
"I think demand will be somewhat sluggish in 2012," Khalid Al Falih said at the annual World Economic Forum in Davos.
Leading forecasters at the the Organization of Petroleum Exporting Countries and the International Energy Agency have trimmed oil demand forecasts in recent months as the eurozone crisis has persisted and tough economic conditions elsewhere have lingered.
Al Falih expects those troubles to continue.
"2011 was turbulent for the market...and I think 2012 will be just as turbulent and eventful," Al Falih said.
Al Falih also said that crude oil prices have fallen to reasonable levels last year and that "prices close to $100 per barrel will be needed to incentivize investments." His remarks follow recent statements by Saudi Arabia's Oil Minister Ali Naimi that he hopes oil prices stabilize at around $100 a barrel.
Saudi Aramco is fully owned by the Kingdom of Saudi Arabia. It is one of the largest oil and gas companies in the world with activities in exploration and production, refining, distribution, shipping and marketing, according to the organization's website.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
25-01-12 1019GMT
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