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Saudi Arabia says the price of crude oil may climb to 60 US dollars a barrel by the end of the year. The country has warned against drastic production cuts that might shock markets.

“We moved from 40 to 50 (dollars per barrel). God knows where we are going to be by year end. My eyes are not on the price, the Minister of Finance’s eyes are on the price. My eyes are on supply and demand,” said Khalid Al-Falih, Saudi energy minister. 

Saudi Energy Minister Khalid Al-Falih said this at the World Energy Congress in Istanbul. He said whatever the price of oil, the kingdom would be in good shape to implement reforms to its oil-reliant economy by 2030.

US oil rose above 50 US dollars a barrel in New York last week for the first time since June. This comes after Saudi agreed to a surprise cut in production by the OPEC oil cartel. The cut in production is the first in eight years.

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