Return to $100 Oil Seen Unlikely by Saudis Amid Shale Surge
Too Much Oil in Market for Prices to Climb: Iaccino
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Oil is unlikely to rebound to $100 any time soon because higher prices would spur more output and prolong a glut, said Mohammed al-Madi, Saudi Arabia’s OPEC governor.
Oil prices at that level “will let the high-cost producers come back again,” al-Madi said at a conference in Riyadh on Sunday. Saudi Arabia, the world’s biggest oil exporter, is pumping at a near-record level of about 10 million barrels a day, Oil Minister Ali al-Naimi said at the conference.