Saudi says $60 oil ‘not unthinkable’ by year-endSaudi Arabia said on Monday it was “not unthinkable” that the price of crude oil could surge to $60 a barrel by the end of the year but warned against drastic production cuts that might shock markets. Saudi Arabia said the price of crude oil could reach $60 a barrel by year end. This came after Saudi last month agreed to a surprise output cut of oil cartel OPEC, the first in eight years. “It is not unthinkable we could see $60 (a barrel) by the year end. “The (2030) vision will lead to a stronger and more robust Saudi Arabia,” he said, noting this includes the planned IPO of a portion of state oil giant Saudi Aramco, the biggest such offering in history.

Source: Manila Bulletin October 10, 2016 10:30 UTC