DOHA: Oil prices could move back above $50 a barrel within a year as an Opec initiative to freeze production gains support, Minister of Energy and Industry
H E Mohammed bin Saleh Al Sada (pictured) stated yesterday.
In an exclusive interview to CNN yesterday, Dr Al Sada, who is also the president of Opec said “the current price is not sustainable”.
At the moment the best possible feasible proposal is to freeze at the level of production of January. But I’m sure Saudi Arabia, like any other market, will be watching the markets closely and of course they will act appropriately.
A production freeze will gather more and more approval because it is in the interest of all parties. The current price is not sustainable for conventional oil, let alone non-conventional oil, so the situation is absolutely not a sustainable one, the Minister said.
The Peninsula
