Saudi Minister: Oil won't rise above $100

Baku.22 October. REPORT.AZ/ Uncertainty about the volume of supply on the world oilmarket persists; the threat of sanctions against Iran and the drop in suppliesfrom a number of other countries contribute to this, Minister of Energy, Industry and Mineral Resources ofSaudi Arabia Khalid A. Al-Falih said, Report informs citing TASS.

"Saudi oil productionis likely to rise in the near future to 11 million barrels per day (bpd) on asteady basis, but the Kingdom cannot guarantee that prices won't rise above$100. If oil prices gotoo high, it will slow down the world economy and would trigger a recession.

"If 3million bpd of oil supplies disappear in 2019, we cannot cover this volume, wehave to use oil reserves.

"SaudiArabia used for decades oil policy as the responsible economic tool andisolated it from politics.

"Icannot give you a 'guarantee' oil will not rise above $100 perbarrel."