Saudi Aramco says oil supply, demand to balance before long at 'moderate' price

RIYADH: Global oil supply and demand will ultimately balance at a "moderate" price, Saudi Aramco chairman Khalid al-Falih said on Monday.

Speaking to reporters on the sidelines of a business conference, Falih did not say at what price levels the balance might be achieved. But he predicted it would be reached before long.

"Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will catch up with supply," he said.

Falih also said Saudi Arabia could survive a low oil price for "a long, long time".