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Thu 19 Nov 2015 01:55 PM

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Saudi's Naimi says oil demand is continuing to rise

Saudi Arabia's oil minister says oil investments must continue to meet global growth in crude demand

Saudi's Naimi says oil demand is continuing to rise
Saudi Arabian oil minister Ali al-Naimi.

Saudi Arabia's oil minister Ali al-Naimi said on Thursday that future oil investments should continue to meet an anticipated global growth in crude demand by more than 1 million barrels per day.

"Demand for oil is continuing to rise," Naimi told an energy conference in the Bahraini capital Manama.

"To meet this growing need, there should be a continuation if not an increase in the pace of investments in the petroleum industry to guarantee the stability of the market on the short and long term."

Meanwhile, the UAE's energy ministry has said oil prices will start improving next year, which means OPEC's decision last year to not cut supplies was the right one.

"We believe that OPEC policy is the right one... Next year will see improvement in prices... In 2016 we could witness some correction in the market," Matar al-Nyadi, undersecretary of the UAE's energy ministry, told an industry conference in the Bahraini capital Manama.