Oil prices unlikely to return to record high: Saudi official

  • A senior official from Saudi Arabia has said that oil prices are unlikely to again touch record levels of the past few years.

    Mohammed al-Madi, the Saudi representative at OPEC, said that reaching the $100-plus (per barrel) mark would be difficult.  

    He also stressed that there was no “political dimension” to Saudi Arabia’s oil policy, adding that it was governed by “commercial and economic” factors.

    Saudi Arabia is the biggest oil producer in the OPEC group.

    Tagged as: Saudi Arabia, oil prices, Mohammed al-Madi, Saudi representative, Opec, oil policy, business news