Saudi Arabia hopes that the global economic slowdown will not cause the fall of the current steady demand for oil. This was announced by Energy Minister Khalid al-Falih in an interview with a German newspaper, adding that oil prices near $ 50 is too low.

"Ultimately, market fundamentals, or supply and demand, are the main factor determining the price of oil, and at the moment we see a healthy demand for oil, - the Minister said -. However, there are economic headwinds in some important markets and we hope that it will not cause a slowdown in global demand. " Khalid al-Falih said that oil prices should be somewhere between $ 50 and $ 100 per barrel so the industry continue to increase investment.

"We're seeing supply reduction by about a million barrels of crude oil per day, - he said, referring to the situation in the US and Canada -. At the same time, demand has recovered, which means that supply and demand are now again more balanced, but it is even surplus stock in the market. It will take a long time to reduce these stocks. "