(MENAFN) Saudi Aramco, the kingdom's state-owned oil company, will continue to surge production to meet rising demand, hence it expects prices to start increasing by early 2017.
Oil prices dropped to their lowest level in over a decade earlier this year as producers pumped more oil than the world needed, and nothing seems to convince them otherwise.
However, oil prices have stabilized around USD45 a barrel despite Saudi Arabia's latest move to block a planned production freeze by OPEC and other major producers.
The kingdom recently declared its intention to make a small portion of Aramco available to global investors; thus it is mulling an initial public offering in New York, London and Hong Kong.
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