RIYADH (Reuters) - National oil giant Saudi Aramco expects to see oil prices pick up by the end of this year, the company’s chief executive Amin Nasser said on Tuesday.
Speaking at a business conference, Nasser said current low prices, with Brent crude around $30 a barrel, were not sustainable and there were signs of demand increasing, which would start to close a supply/demand gap.
“It will definitely be better than what we are currently seeing,” Nasser said. He did not specify which level he thought prices would reach by the end of this year, but said they would not return to $100 for the foreseeable future.
Reporting by Andrew Torchia