Baku. Aynur Aliyeva - APA-Economics. Saudi Arabia, the world’s largest oil exporter, is confident that crude prices will rebound with global economic growth boosting demand, Bloomberg reported.
Prices will recover from a slump due to a glut created by a lack of cooperation from producers outside the Organization of Petroleum Exporting Countries, Saudi Arabia Oil Minister Ali Al-Naimi said at a conference in Abu Dhabi yesterday. Al-Naimi ended his speech showing the confidence as he jumped off the stage and smiled.
Oil surged from a five-year low at the end of last week after Al-Naimi said the slump in prices was temporary. West Texas Intermediate climbed to $57.87 a barrel on and Brent advanced to $62.62 a barrel.
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