Saudi Arabia will continue spending on development projects and social benefits in its 2015 budget despite "challenging" global economic conditions, Finance Minister Ibrahim Alassaf said on Wednesday, state news agency SPA reported.
Oil prices bounced back more than a dollar on Monday, after hitting 5-1/2-year lows of $60.28 earlier in the session, as traders began pricing in expectations of improving manufacturing data to be published later this week.
Oil producers group Opec can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
The head of Opec said the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.
Qatar predicted its economy would grow 7.7 per cent next year, signalling the world's top exporter of liquefied natural gas expects very little disruption to its finances from the oil price plunge which is worrying many energy exporters.
Brent crude ticked higher on Thursday but remained below $65 per barrel, and not far above five-year lows hit in the previous session, with the market's bearish tone largely intact.
Comments by the Saudi Arabian oil minister s
Brent crude fell more than $1 on Wednesday, resuming its fall caused by a glut of oil in the market after a short-lived reprieve the previous day when a weaker dollar had provided some support.
Worries about oversupply have pushed
Opec’s decision not to cut output is a bold move which is designed to cramp non-Opec suppliers, especially US shale oil producers, a report said, adding that the decision was led by Saudi Arabia in a move to maintain its market share.
Benchmark Brent crude slipped to its lowest in five years on Tuesday, dropping below $66 a barrel after plunging more than 4 per cent the day before on worries over a deepening supply glut.
The chief executive of Kuwait's nati
Oil prices are likely to remain around $65 a barrel for the next six to seven months, the head of Kuwait's state oil company said on Monday.
"I think oil prices will remain at these levels for six to seven months, around