Saudi Says Can Live Comfortably Even at Last Year's Low Oil Prices

Reuters

Jeddah, Saudi Arabia, June 9 (Reuters) - Saudi Arabia's Economy and Planning Minister Adel Fakieh said on Wednesday that the kingdom could live comfortably with oil prices even as low as they were late last year.

"We believe that we will comfortably live with the prices that the market has been experiencing even last year, at the end of last year the prices were much worse than now," he said when asked if a particular oil price band was needed for sweeping Saudi economic reforms to work.

"This is a very effective plan," he added, referring to the planned reforms. Brent crude was trading in the low $40s a barrel in December 2015.

(Reporting by Gulf team, Editing by William Maclean)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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