Saudi minister: Oil will reach $60 a barrel by the end of the year

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Saudi Arabia’s Energy Minister believes that global oil prices are going to recover to $60 a barrel by the end of this year. Khalid Al-Falih made such a statement in his speech at the World Energy Congress in Istanbul.

The world largest oil exporter remains optimistic about global prices and implementation of the OPEC deal to cut production by the end of November. Moreover, many non-OPEC oil producers expressed their willingness to join the Organization of Petroleum Exporting Countries’ plan to reduce global crude production.

“It is not unthinkable that we could see $60 by year-end,” Al-Falih said at the World Energy Congress.

OPEC’s common decision to limit crude output must accommodate Libya and Nigeria, Al-Falih said. Both nations are going to restore production lost due to war and militant attacks. Al-Falih did not mention Iran, which has also claimed it wants to continue raising their production to the pre-sanctions level. It is planned that OPEC members will meet in their headquarters in Vienna in the end of November to discuss individual quotas for each country.