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Oil price unlikely to rebound – Saudi official

Published:Monday | March 23, 2015 | 11:02 AM

Saudia Arabia says the oil price is unlikely to reach again the record levels seen in the past few years.

Mohammed al-Madi, Saudi's Opec governor, told an energy conference that hitting the US$100 to US$120-a-barrel mark again would be “difficult”.

Madi also told the meeting in Riyadh that his country's oil policy had no "political dimension".

Saudi is Opec's biggest producer and the dominant voice with the group.

Some analysts suggest that Saudi Arabia was letting the oil price fall for political and competitive reasons while others speculate that Saudi Arabia's willingness to see the price slump is because it will hurt America's booming – but high cost – shale gas industry.