(MENAFN) Al Arabiya reported Saudi Arabia to have addressed the potential of the global market for higher oil price following a record-high the crude price last seen more than three years ago.
During an oil meeting, Saudi Energy Minister Khalid al-Falih highlighted "energy intensity, as you know has declined significantly ... this and higher productivity of energy input leads me to think that the global market has the capacity to absorb higher price."
The minister then emphasized the lack of a target when it comes to oil price for the Organization of Petroleum Exporting Countries (OPEC), saying "we never have a price target... Prices are determined by the market."
He also raised concerns over the risks of which price instabilities inflict on the market, warning the "volatility is our enemy."
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