Friday, Nov 18, 2011
MOSCOW (Dow Jones)--The head of Saudi Arabian Oil Co., known as Aramco, said Friday that oil prices will stay at a "healthy" level.
Any increased oil output from Iraq probably won't affect prices much since demand is driven by global economic development, said Khalid Al Falih.
"Demand will grow due to demographic growth and economics in Asia," the head of the state oil giant told reporters at a conference in Moscow.
Al Falih also said Aramco's 2012 spending will stay at a "high level." He said seismic studies in the Red Sea are "going well," and Aramco may drill two appraisal wells there in 2012.
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232-9192, jacob.pedersen@dowjones.com
(William Mauldin in Moscow contributed to this report.)
(END) Dow Jones Newswires
18-11-11 0914GMT
