Al-Naimi finds oil price band comfortable

By OGJ editors
HOUSTON, Nov. 2 -- The official with the world’s most influence over oil supply says he finds the recent range of crude oil prices comfortable.

Ali Al-Naimi, Saudi Arabia’s minister of petroleum resources and minerals, told reporters at a conference in Singapore that crude prices, which have strayed little from a range of $70-80/bbl this year, are “in a very comfortable zone,” according to Reuters.

A recent rally has pushed the crude price above $80/bbl but is no cause for alarm, Al-Naimi said. The prevailing trading band should continue “for some time,” he said.

“If I can be audacious, I would say producers, consumers and companies are all happy with this price,” he said.