Oil prices 'bound to rise to help oil producers manage reserves'

Singapore

CURRENT oil prices are unsustainable for many key oil-producing countries for the long term and therefore they are bound to rise to help these economies manage their reserves.

John Westwood, group chairman of Douglas-Westwood, told The Business Times that a sustainable global oil price is a function of many things, including producer governments' national budgets.

Considering that Saudi Arabia needs oil to be priced at US$99 per barrel and Russ…