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2014-05-12 19:40:00

SAUDI NO CHANGE

SAUDI NO CHANGE

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

Tags: SAUDI, OIL
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