Saudi Oil Minister Says OPEC With Others to Stabilize Market
- Oil use to rise 1 million barrels a day every year this decade
- Investments needed to make up for decline in oil recovery
Oil Declines on U.S. Stockpiles Glut
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Saudi Arabia is working with other OPEC members and producers from outside the group to stabilize the market, Saudi Oil Minister Ali al-Naimi said.
The global economy is going through an unstable period, al-Naimi said. Crude demand is expected to rise by 1 million barrels a day every year in this decade, and the world requires more investments in oil to compensate for declining recovery rates, he said. The recovery rate for all the world’s oil fields is decreasing by about 4 million barrels a day, he said.