KSA: Global oil supply ample, demand good

Both producers and consumers are happy with current crude oil prices and fundamentals, said Minister of Petroleum and Mineral Resources Ali Al-Naimi yesterday. Given the balance speculators should leave the market alone, he added.
“You know my desire is that people leave the market alone,” Al-Naimi told Reuters. “You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices.”
Asked if he was concerned about next year’s demand growth given the global economic uncertainty, Al-Naimi said: “Mechanisms are working well. Supply is plentiful, demand is good.”
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