According to Arab media in Riyadh on June 15 reported that the world's largest oil exporter Saudi Arabia, recently warned that unless the other oil-producing countries, together with the Kingdom of Saudi Arabia to expand oil production capacity to invest sufficient funds to the project, otherwise, the oil price in the future 3 years is entirely possible once again soared to a record last year, more than the historical record.
Government-controlled Saudi Aramco said that the second half of last year's sharp fall in crude oil prices is only a temporary phenomenon, oil demand in the near future will increase substantially.
Saudi Aramco chief representative in Beijing said: "We must recognize that lower oil prices not only for the oil-producing country's economy harmful, but also the interests of oil-consuming countries are also harmful. Therefore, sustained and timely investment in oil and infrastructure projects on the supply of the future at the appropriate level is very important. " "The current oil price simply can not encourage large-scale investment necessary and, if no such investment, should demand the restoration in the future, we may be experiencing a serious shortage of supply."
Source: www.in-en.com Jun. 17, 2009
