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Saudi Energy Minister Khaled al-Faleh said on Friday the global market has the capacity to absorb higher oil prices after crude made a strong recovery.
“I have not seen any impact on demand with current prices. We have seen prices significantly higher in the past — twice as much as where we are today,” Faleh told reporters ahead of an oil producers' meeting in Jeddah, Saudi Arabia.
“Energy intensity as you know has declined significantly ... this reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices,” Faleh said.
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Comments (4) Closed
Apr 20, 2018 06:51pm
Then pay workers in USD in international price and not pittance or peanut in rial.
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Apr 20, 2018 07:40pm
That is the optimistic view point. What drives demand for oil is industrial production, not automobiles.
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Apr 20, 2018 07:58pm
Self serving analogy.
It wasn't reduction in demand which halved the price of oil , it was impression of an alternate source( fracking) which threatened the cartel of conventional oil digging countries.
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Apr 21, 2018 06:51pm
Dream on.
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