Cairo, December 06: Saudi Arabia said Saturday that oil prices were "perfect" and the global market stable as Arab heavyweights in the OPEC cartel appeared united in their support for maintaining production quotas.
"Everything is so good now, we don't have to think very hard," Saudi Oil Minister Ali al-Naimi said in Cairo, reflecting an agreement among OPEC members to keep production quotas unchanged at the December 22 conference.
"Inventories are coming down, the price is perfect and all investors, consumers, producers are all very happy. The market is stable right now, volatility is minimum and everybody is happy with the price."
Naimi, whose country is OPEC's leading producer and exporter, was speaking at a ministerial meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC).
Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah echoed his comments.
"There will be no increase in production whatsoever," he said, adding that he believed there was a consensus among all OPEC members to maintain the status quo.
OPEC cut 4.2 million barrels per day of its production quotas last December, bringing down the total output of the 12-member cartel -- excluding Iraq -- to 24.84 million bpd.
It took the measure to support flagging oil prices, which slumped from historical highs above 147 dollars a barrel in July 2008 to just above 30 dollars after a sharp decline in demand because of the global financial crisis.
Oil prices have rebounded strongly in the past few months and are currently ranging between 70 and 80 dollars a barrel. In October, prices jumped above 80 dollars before easing.
Crude prices tumbled on Friday in volatile trade, succumbing to a stronger dollar following an improved US jobs report picture.
New York's main contract, light sweet crude for January delivery, fell 99 cents to 75.47 dollars a barrel.
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