Sabic chief exec says oil price decline is temporary

RIYADH: The recent decline in global oil prices will prove temporary even if it lasts a year or so, since population growth will ultimately bring higher consumption and prices, the chief executive of Saudi Basic Industries Corp (Sabic) said.

Mohamed al-Mady was speaking to reporters yesterday after the company, one of the world’s largest petrochemical groups and the Gulf’s largest listed company, reported a 4.5% drop in thirdquarter net income, missing analysts’ forecasts.