Global oil price likely to fall

Crude oil prices should fall because global supply is outweighing demand, according to Saudi Arabia’s oil minister Ali al-Naimi.

“We want a lower price than where it is now,” al-Naimi said in Adelaide yesterday.

“We need to get the price to a level of around $100” a barrel for London’s Brent crude, he said. Saudi Arabia is the world’s biggest oil exporter.