Saudi Arabia says US$60 oil 'not unthinkable' by year-end

Istanbul

SAUDI Arabia said on Monday it was "not unthinkable" that the price of crude oil could surge to US$60 a barrel by the end of the year but warned against drastic production cuts that might shock markets.

In his opening keynote speech at the World Energy Congress in Istanbul, Saudi Energy Minister Khalid Al-Falih said that whatever the oil price the kingdom was in good shape to …