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Saudi oil minister is confident global oil market will rebound, but short term is here to stay

from PennEnergy

The second day of IHS CERAWeek kicked off with a Welcome and Ministerial Address given by His Excellency Ali Al-Naimi, Minister of Petroleum & Mineral Resources of Saudi Arabia. He started off telling jokes, lightening the somewhat stuffy mood, by claiming that Daniel Yergin, chair of IHS CERAWeek, only invites him to speak when there is a crisis. Many laughs were garnered by the audience once again when Al-Naimi stated that he'd even survived peak oil, and had a T-shirt lying around somewhere that said so. Al-Naimi's experiences have taught him that the oil business is inevitably cyclical. "Demand rises and falls. Supply rises and falls. Prices rise and fall," he said. more

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