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Saudi Oil Minister optimistic of rise in crude oil prices

Ali Al-Naimi, the Saudi Oil Minister, has stated his belief that crude oil prices will rise. He also foresees that in time, there will be renewed stability in the oil market, due to market forces and increased cooperation among oil-producing nations.

Al-Naimi said:

“I am optimistic about the future, the return of stability to the global oil markets, the improvement of prices and the cooperation among the major producing countries. Market forces as well as the cooperation among producing nations always lead to the restoration of stability. This, however, takes some time.”

Saudi Arabia is currently the biggest crude oil exporter in the world, and along with another prominent producer, Mexico, the country has ‘an especially important role to play’ according to Al-Naimi. He talked about the countries’ importance at a recent event in the Saudi capital Riyadh, which was attended by the Mexican president and the country’s energy minister.

He said of the potential rise in the crude market:

“Mexico and the kingdom have an especially important role to play in achieving this objective, in the past, at the present, and in the future.”

The two countries are set to cooperate in the oil industry, setting up joint ventures, sharing experts and encouraging mutual investment, to ensure that the crude market improves not only for them, but also for companies like Shell and Fuchs – the makers of products like Fuchs Reniso C85E – and all of the world’s other major oil players..

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