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President of Saudi Aramco: No plans to cut oil production

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Rocky


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President of Saudi Aramco: No plans to cut oil production




November 9, 2015 0



Financial Times newspaper quoted Khaled Al-Faleh Chairman of the Board of Directors of Saudi Aramco as saying that the state-owned company does not intend to cut oil production and it is expected to return balance to the market in 2016.

Falih said in an interview with the Financial Times followed up the agency, "our economy" news "The only thing that can be done now is to let the market functioning. No discussions here says that should reduce production after the pain that we've seen. "

Saudi Oil Minister Ali al-Naimi expressed a similar view last month when he said he noticed signs of improved global demand for oil, despite the economic slowdown in China, and the balance of supply and demand in the market would be in line with that more.

The head of Saudi Aramco price of $ percent of a barrel of oil document free insurance provided by Saudi Arabia and allowed to flourish shale oil producers and oil deep water because "it was the lack of a guarantee investment risk" as reported by the newspaper. But he added that it "no longer exists".

Faleh said that officials in Riyadh were aware that the decline in oil prices will be painful, but the extent of the pain exceeded their expectations.

He told the newspaper "exaggerated reaction in the market as you normally would in such downward cycles. Now everyone is rushing to the exit portal being cancellation of projects. This is necessary, but what will happen after five to ten years from now? Necessary investment. But it is hoped that sufficient investment to meet the requirements after 2017. "

Oil prices fell more than four percent last week, the third weekly decline over four weeks due to pressure from the rise of the dollar and expectations of a rate hike after strong US jobs growth in October.

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