Middle-east Arab News Opinion | Asharq Al-awsat

Saudi King Abdullah 'Satisfied with Oil Price' - ASHARQ AL-AWSAT English Archive
Select Page

RIYADH (AFP) – Saudi king Abdullah described oil prices as satisfactory in an interview published on Saturday, at a time when the largest OPEC producer is seeking price stability.

“We predicted an oil price of 75 to 80 dollars per barrel at the beginning of the year, what we considered acceptable, and now it has reached this level,” the king told the Kuwaiti newspaper Al-Siyassah.

“(We expect) the price will stabilise or increase marginally,” he added.

King Abdullah also expressed confidence in the state of the Saudi economy, which he said had successfully managed to withstand the global financial crisis.

“The effects of the crisis have not caused people to panic. Our sovereign wealth funds have not been affected and we are maintaining a rate of growth that is lower but remains positive,” he said.

“We have experienced sustained economic activity, GDP is growing and inflation has slowed,” said the king, whose country adopted a budget for 2010 that forecasts an 18.7-billion-dollar deficit but provides for record-high government spending of 144 billion dollars.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube