Saudi Arabia’s Muhanna Sees Oil Recovering From ‘Temporary’ Drop
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The decline in oil prices is “temporary,” and crude is steadying at $55 to $60 a barrel amid stronger global demand, an adviser to Saudi Arabia’s oil minister said.
Economic expansion in the U.S. and many developing countries together with growth in populations and middle-class affluence will propel demand for oil for the next 10 years, Ibrahim al-Muhanna said Thursday, according to the text of a speech he gave in Riyadh.