Crude prices to stay in $20s, says former Saudi official | GulfNews.com

Crude prices to stay in $20s, says former Saudi official | GulfNews.com:

"Crude prices may remain low at least in the short term, Mohammad A. Al Sahlawi, a former member of advisory board, Supreme Economic Council of Saudi Arabia told Gulf News on Thursday.

“Next year, prices would be prevailing at around $20s. We don’t see a major growth in demand in emerging economies like China, and supplies are expected to increase from many countries especially Iran, US,” said Al Sahlawi, who is currently a professor of economics, college of industrial management, King Fahd University of Petroleum and Minerals in Riyadh. “So there is less demand, more supplies, so prices would be at lower level.” He was speaking on sidelines of a financial markets conference in Dubai.

Oil prices have crashed about 75 per cent since mid-2014, hit by a perfect storm of a supply glut, weak demand, a slowing global economy and a strong dollar.

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