SAUDI NO CHANGE
![SAUDI NO CHANGE](/cache/2014/05/SAUDI-1.524793f5.jpg)
The Organization of the Petroleum Exporting Countries won't change its crude oil output level when it meets next month, Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Al-Naimi said Monday.
"Supply is highly sufficient. Demand is great. And the market is fairly stable. There's no reason for a change. absolutely no reason," Mr. Al-Naimi said on the sidelines of an energy conference in Seoul.
Asked if OPEC's output cap of 30 million barrels a day is right, the oil minister said: "I think so. I know so."
He also said the current global oil price of $100 a barrel is the fair price "for everybody, consumer, producer and oil companies."
Mr. Al-Naimi said OPEC is willing to supply any shortage which may arise in the market if Russia's exports of oil are disrupted as a result of the Ukraine-Russia crisis.
Benchmark Nymex crude oil for June delivery was Monday trading at a fraction over US$100 a barrel, and about $8 a barrel over levels at the start of the year.
wsj.com