On the eve of the OPEC meeting, Saudi Arabian Oil Minister Ali al-Naimi told reporters that oil prices are good for consumers and producers.
From Grant Smith and Maher Chmaytelli, Bloomberg:
Sept. 8 (Bloomberg) -- The global crude oil market is in “good shape,” with prices between $68 and $73 a barrel satisfactory for both consumers and producers, Saudi Arabian Oil Minister Ali al-Naimi said.
“The price is good for everybody, consumers, producers,” said as he arrived in Vienna for tomorrow’s Organization of Petroleum Exporting Countries meeting, where most minister and analysts expect the group to leave output quotas unchanged. “The market is very well supplied.”
Iranian Oil Minister Masoud Mir-Kazemi, arriving at his first OPEC meeting, said that while stockpiles remain “high,” the situation in oil markets is “getting better than before.” OPEC President and Angolan Minister Jose Maria Botelho de Vasconcelos said today prices are in a “satisfactory range.”
