Saudi Minister: Oil won't rise above $100

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

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

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

"Saudi Arabia used for decades oil policy as the responsible economic tool and isolated it from politics.

"I cannot give you a 'guarantee' oil will not rise above $100 per barrel."