Oil prices unlikely to return to US$100 a barrel, says Saudi official

Riyadh

OIL won't rebound to US$100 a barrel because increased prices would draw more shale and other output from higher-cost producers to the market, said Mohammed al-Madi, Saudi Arabia's governor to Opec.

"It will be difficult to reach US$100 or US$120 another time," Mr al-Madi said at a conference in Riyadh on Sunday. "This will let the high-cost producers come back again."