"The oil market may reach considers Yelnia stability after falling to its lowest level in more than a decade" , - Vice-Chairman and the Acting Director General of the Saudi petrochemical giant SABIC said on Wednesday.
Yousef Al-Bunyan told CNBC on the sidelines of the Boao Forum for Asia, that although this year and 2017 will be difficult for the oil industry, the forecast for 2018 and beyond are optimistic.
"Of course, prices are not at levels that the markets want to see, but that's normal in a cyclical market," - said Al-Bunyan, and he expects that the price of oil reaches $ 60 per barrel by the end of 2016.
As an American oil of WTI, and oil of European Brent crude on Tuesday in Asian trading down 1% from the previous value in connection with the incidents at the airport and the subway of Brussels, but their cost is still above the 13-year low that was reached earlier this year.
Instead of cycling on the cost of raw materials, Al-Bunyan said that SABIC company is focused on the internal weaknesses of the company, external opportunities and efficient customer service.
While economic growth is slowing in China, Al-Bunyan said the company will adhere to the planned course, as its sales are still at a good level.