Baku, Azerbaijan Oct.10
By Leman Zeynalova – Trend:
It is not unthinkable to see oil prices at $60 per barrel by year end, according to Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
Al-Falih made the remarks during the 23rd World Energy Congress which kicked off in Turkey’s Istanbul city Oct.9.
“Saudi Arabia is continuing to invest in oil production capacity to be prepared for inevitable rise in demand we expect,” he added. "We need to rebalance energy supply and demand in a responsible way.”
Most important fact is supply and demand, said the minister.
The 23rd World Energy Congress kicked off in Turkey’s Istanbul city Oct.9 and will last till Oct.13.
Running since 1924, the triennial World Energy Congress is the World Energy Council’s global flagship event that enables dialogue among ministers, CEOs and industry experts on critical developments in the energy sector.
As the world’s premier energy gathering, the Congress offers a unique opportunity for participants to better understand energy issues and solutions from a global perspective.