Saudi Oil Minister: Oil Price 'Perfect'

CAIRO -- Saudi Arabia's oil minister says the current global oil price is "perfect" and the market is stable.

Ali Naimi's remarks Saturday came as key Arab OPEC ministers indicated the oil producing bloc was unlikely to change its production quotas when it meets Dec. 22 in Angola.

Naimi told reporters "the price is perfect" and that the global crude market is stable.

Benchmark crude futures settled on Friday at around $75 per barrel.

The Organization of the Petroleum Exporting Countries supplies roughly 35 percent of the world's crude.

It has left production unchanged so far this year, opting to focus on greater compliance with production ceilings by its 12 member states.

Naimi spoke on the sidelines of the annual OPEC meeting.

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  • by Wolfgang Location: Chocowinity,NC on Dec 5, 2009 at 08:08 PM
    Obama should tell the Saudi Oil Minister he is crazy drop the price of oil. Obama won't , he loves his Muslim brothers. So we pay.
  • by Nathan Location: Eastern NC on Dec 5, 2009 at 05:56 PM
    Gas prices are fine around $2.50/gallon. Price was coming up around $2/gallon in 2001-2002 when I started driving. Some inflation is fair. Gas is actually cheaper per mile for those who have invested in vehicles with good mileage. However, and especially with the economy the way it is, American automakers need to follow the lead of the Japanese and make fuel efficient cars that last more than a couple years. Or fuel independent, like electric. The Japanese don't have any incentives to keep the Saudis rich. Why should Americans? While I'd rather support American industry, I chose to support the Japanese, who make better cars, and also make most of the technology we use, than the Saudis, who we're paying billions to in gas and who hate us on top of that. And look what they drive, gold-plated cars. "Financial trouble" is just not in their vocabulary.
  • by voter Location: nc on Dec 5, 2009 at 03:00 PM
    i'm so glad things are well in the arab/islamic world. i'm all a twitter.
  • by GAS MAN on Dec 5, 2009 at 02:05 PM
    Current admin say they would do something about the gas, for a little while. Guess they have to pay back now. Vote someone new to stop this.
  • by Clifton Location: Washington on Dec 5, 2009 at 10:02 AM
    You better start hoarding gas now. Every time those Arabs tell us all is fine, they jump up and stick it to us again. Cut 'em off. NOW!!!!
  • by US citizen for now Location: Washington on Dec 5, 2009 at 08:36 AM
    Perfect oil price should be $25 per barrel not $75. It remains as an imperfect price.

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