Publication Date:
Sat, 2009-12-05 03:00
CAIRO: Oil prices in the current band of $70-$80 a barrel are satisfactory, Saudi Arabian Oil Minister Ali Al-Naimi told reporters on Friday.
“Right now you see the price is okay between $70 and $80, it’s close to the target we set, it’s almost $75 — it’s good,” Al-Naimi said, referring to the $75 level that he has said suited producers and consumers.
Al-Naimi was asked if he thought OPEC needed to raise its output targets when it meets on Dec. 22 in Angola.
“Why should they raise output? We still have time, it depends,” he said. On the overhang of oil inventories on the world market, Naimi said: “They are coming down.” Naimi was speaking on his arrival in Cairo.
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