Saudi does not expect oil price below $30 due to global demand

Saudi Arabia's Deputy Crown Prince Mohammed bin Salman reacts upon his arrival at the Elysee Palace in Paris, France, June 24, 2015. REUTERS/Charles Platiau/File Photo

RIYADH (Reuters) - Saudi Arabia does not see oil prices falling below $30 a barrel again due to improvement in global demand for crude, Deputy Crown Prince Mohammed bin Salman said on Monday as he outlined a sweeping economic reform plan, known as Vision 2030.

“We can achieve this vision even if oil is lower than $30. We think it is almost impossible to go under $30 because of global demand,” Prince Mohammed said in a news conference.

“The plan can deal with any price, $30, $28, $70... but the plan was made with $30 in mind.”

Reporting By William Maclean, Samia Nakhoul, Marwa Rashad; Writing by Rania El Gamal