Al-Naimi finds oil price band comfortable

The official with the world’s most influence over oil supply says he finds the recent range of crude oil prices 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.

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