A stable oil price of around $60/bl over the next three years, rising gradually over the next 10 years to $70-80/bl, will cause supply and demand to be roughly balanced, said World Energy Council vice chairman and former advisor at Saudi Arabia's oil ministry, Ibrahim
Al-Muhanna recently retired from his post at the Saudi oil ministry.
Speaking today at the Organization of Arab Petroleum Exporting Countries'
Al-Muhanna said annual demand growth of "anywhere from 1mn-1.5mn b/d" would boost global demand from its current level by 10mn b/d to 108mn b/d. The most important factor promoting this would be global economic growth of 3-4pc, with an even higher rate in developing countries, he said.
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