Decline in oil prices is “temporary

The decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand, an adviser to Saudi Arabia’s oil minister said.

“I’m very optimistic about recovery of oil prices,” al-Muhanna, a senior adviser to the Saudi oil minister, Ali al-Naimi, said without giving a date for any increase. “The world’s current petroleum problems are temporary, and their effect on the world system is limited.”

Source: Bloomberg