Saudi Aramco CEO: Sluggish Demand in West Not Offset by China

Oil demand remains "sluggish" throughout the developed world, and growth in China isn't making up for the loss, said Saudi Aramco CEO Khalid Al Falih. "It will take time to make up for the millions of barrels of lost demand that we have experienced," said Al Falih, the head of Saudi Arabia's state oil company, in an interview to air Monday evening on the Nightly Business Report on PBS. "But ultimately, it will come."

Saudi Arabia, the world's biggest oil exporter, is seeing its efforts pay off to hold down production within the Organization of Petroleum Exporting Countries. While supplies are higher than normal worldwide, prices are holding steady around $70 a barrel, roughly where Al Falih said it is necessary to encourage investment in new production. Al Falih was interviewed .....Read the entire article