Saudi oil minister says return to market stability will take time

Saudi oil minister Ali Al Naimi said on Sunday that it would take “some time” to restore stability to the global oil market but he remained optimistic about the future.

“As you know, the oil market has witnessed over its long history, periods of instability, severe price fluctuations, and petro-economic cycles,” Mr Al Naimi said in a speech at an energy event in Riyadh attended by the Mexican president and energy minister.

“This is one of them. Market forces, as well as the cooperation among the producing nations, always lead to the restoration of stability. This, however, takes some time,” he 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,” Mr Al Naimi added.

Mr Al Naimi’s comments come at a time when Opec member Iran is preparing to raise oil exports after international sanctions were lifted on Saturday. Brent plunged to US$28.94 a barrel on Friday, for the first time in 12 years, on prospect of additional Iranian barrels.

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