Saudi Arabia: The Global Economy Can Handle $75-80 Oil

ali naimi tbi

Reuters: Oil rose to hit a six-month high above $63 a barrel on Wednesday after OPEC kingpin Saudi Arabia said the global economy had strengthened enough to cope with oil at $75-$80 a barrel.

Speaking ahead of the organisation of the Petroleum Exporting Countries’ meeting in Vienna on Thursday, Saudi Oil Minister Ali al-Naimi said oil prices would continue to rise, recovering from lows near $32 at the turn of the year.

“The price rise is a function of optimism better things are coming in the future,” Naimi told reporters in Vienna.

“We see offshoots of recovery,” he added. “Demand is picking up, especially in Asia.”

Morning Links:

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Exxon subsidiary starts $7.1 billion oil sands project started in Canada. [Green Inc.]

Catch up on China’s effort to get more solar powered energy. [Guardian]

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The Cato Institute has been bankrolling a consulting company owned by notorious climate denier Patrick Michaels to the tune of $242,900 since April 2006. [DeSmogBlog]

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