Khalid al-Falih: oil price may exceed $100
There is no guarantee that the oil price will not exceed $100 per barrel next year, the Saudi energy minister Khalid al-Falih said.
"I cannot give you a guarantee, because I cannot predict what will happen to other suppliers,”the minister said, when asked if the world can avoid oil prices hitting $100 per barrel again.
"We have sanctions on Iran, and nobody has a clue what Iranians export will be. Secondly, there are potential declines in different countries like Libya, Nigeria, Mexico and Venezuela," Reuters cited Falih as saying.
"If 3 million barrels per day disappears, we cannot cover this volume. So we have to use oil reserves," the Saudi minister added.
He said Saudi Arabia would soon raise output to 11 million barrels per day (bpd) from the current 10.7 million. He added that Riyadh had capacity to increase output to 12 million bpd and Gulf OPEC ally, the United Arab Emirates, could add another 0.2 million bpd.
"We have relatively limited spare capacities and we are using a significant part of them," Falih stressed.