Oil prices ‘perfect’: Saudi oil minister

Saudi Arabia's oil minister said current global oil prices are "perfect".

Saudi Arabia’s oil minister said current global oil prices are “perfect,” as several key OPEC members indicated the group was unlikely to change output levels when it meets later this month.

The Organization of the Petroleum Exporting Countries,which supplies roughly 35 per cent of the world’s crude,has held its quotas unchanged since last year’s record 4.2 million barrels per day in cuts.

“The price is perfect,” Saudi Oil Minister Ali Naimi,whose country is OPEC’s most influential member,told reporters. “The market is stable right now,volatility is at a minimum.”

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Since December,OPEC has focused on boosting compliance with output quotas of its 12 member states. The group’s approach has helped oil prices rebound to almost USD 80 per barrel recently,after they collapsed last year as the world’s worst recession in decades sapped demand for crude.

The benchmark crude oil contract for January delivery settled at USD 75.47 a barrel yesterday on the New York Mercantile Exchange,hitting a seven-week low on high global inventories and the strong dollar.

Ministers from several key Arab OPEC nations,however,indicated that they were satisfied with the current situation in the market and said it was unlikely the group would change quota levels at its Dec 22 meeting in Luanda,Angola.

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