HIGHLIGHT: Major oil producer Saudi Aramco has stated that international crude oil prices are increasing primarily due to speculation and depreciation of the US dollar and not due to increased demand from China, reported Reuters, quoting the Saudi Arabian company's executive.
The Saudi Aramco executive stated that crude oil prices are surging as a result of a huge amount of speculative capital that has been induced into the oil futures markets at a time when the dollar is losing ground and capacities are coming under pressure across the petroleum value chain. Saudi Aramco has reportedly stated that it is confident of oil production keeping up with the increased global demand as reservoir recovery rates and oil-in-place volumes have increased. The company believes that newer technologies will help boost production from non-conventional sources like tar sands, oil shale and extra-heavy oil.Datamonitor NewsWire
