When asked on the trajectory of oil prices, the delegation skirted the question, with Al Sheikh instead joking to the packed ballroom that he would probably be making money rather than talking about it if he could predict them. Two days before, the Saudi energy minister told a conference in Istanbul the oil price could recover to $60 a barrel by year’s end.
Crude prices between $50 to $60 a barrel would ensure adequate global supply, officials from Saudi Arabia and Kuwait said at a conference in London on Tuesday.
Saudi officials pledged to boost non-oil revenues, cut spending to achieve fiscal balance by 2020 and retain current credit ratings, said Pavel Mamai, the co-founder of hedge fund Promeritum Investment in London. He also attended the London presentation and plans to bid for the bonds. "The message was that this is a young government that believes the country structurally wasn’t going in the right direction and decided to change that," he said.
"The fact that they committed to continuing with economic adjustment even if oil prices were to rebound I think is commendable and investors will like that," said Mohammed Elmi, an emerging-market money manager at Federated Investors U.K. in London, who will consider buying the bonds. "The interest level goes beyond your traditional emerging-market
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