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Saudi does not expect oil price below US$30 due to global demand

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Saudi Arabia does not see oil prices falling below US$30 a barrel again due to improvement in global demand for crude, Deputy Crown Prince Mohammed bin Salman said on Monday as he outlined a sweeping economic reform plan, known as Vision 2030.

[RIYADH] Saudi Arabia does not see oil prices falling below US$30 a barrel again due to improvement in global demand for crude, Deputy Crown Prince Mohammed bin Salman said on Monday as he outlined a sweeping economic reform plan, known as Vision 2030.

"We can achieve this vision even if oil is lower than US$30. We think it is almost impossible to go under US$30 because of global demand," Prince Mohammed said in a news conference.

"The plan can deal with any price, US$30, US$28, US$70... but the plan was made with US$30 in mind."

REUTERS