Saudi minister: Oil prices expected to remain at 2010 levels

Reuters , Monday 24 Jan 2011

World oil prices in 2011 are expected to remain at the same levels as last year with a two per cent rise in demand, Saudi Petroleum and Mineral Resources Minister Ali al-Naimi told reporters on Monday.

"I expect prices to remain at the same level as last year," said Naimi. "I expect the demand for crude to increase by two per cent in 2011," he said at the Annual Global Competitiveness Forum held in the Saudi capital.

The oil chief of OPEC's largest producer said he was "optimistic about the situation of the oil market this year" and speculated that it "will experience a balance between supply and demand."

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