Saudi oil minister: Oil remains essential for future energy needs

MADRID, July 3 (Xinhua) -- Oil remains essential to meet expanding energy needs in the foreseeable future, unchallenged by alternatives which are getting popular amid record high oil prices, Saudi Oil Minister Ali Naimi said on Thursday. "Oil will continue to be an essential part of global energy mix for many years to come," Naimi told delegates who were wrapping up a five-day World Petroleum Congress. The biggest gathering of the world petroleum industry in every three years ended as the international oil prices touched a new record high around 146 U.S. dollars per barrel Thursday, which compelled many countries to resort to alternative energies, including biofuels. "Currently petroleum is unrivaled in its ability to provide safe, efficient and cost-effective transportation to the world's people and I see little to change... [read full story]