Saudi Arabia’s oil minister Ali al-Naimi is warning
In fact, he is also warning that oil prices could easily ‘plummet’ in the near future.
Ali al-Naimi said prices could plummet if an economic crisis drives industrialized nations to find other sources of energy, citing the 1980s, when oil prices dropped by 80 percent after such nations reduced their dependency on oil and turned to alternative energy sources.
”Global economic growth may not continue at the same good momentum for years to come,” al-Naimi said at the opening of a four-day conference of Arab energy ministers in Amman. ”We should be careful and not take expectations as indisputable, especially the continuation of big demand for oil and its prices remaining at the same level or increasing,” he said.
As you may know, Financial Intelligence Report, a sister publication of NewsMax and MoneyNews, has already issued the same warning to our investors. We also have revealed how investors can profit from the coming oil price drop.
Our track record on oil is impressive. In April 2004, Financial Intelligence Report predicted that oil prices would skyrocket from $29 per barrel to over $60 within 12 months. That forecast was dead on.
Today we feel that oil prices will continue to dramatically fall in the next 12 months to as low as $40 a barrel!
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