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Global oil supply plentiful, demand good: Naimi

oil-barrelSEOUL: Global oil supplies are plentiful and demand is good, while buyers and sellers are happy with current prices, top exporter Saudi Arabia's oil minister Ali Al-Naimi said on Tuesday.

 

"You know my desire is that people leave the market alone," Naimi told Reuters in an interview in Seoul. "You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices."

 

"They are no longer sky rocketing or falling down. So I will really leave the market alone."

 

The oil minister had identified $100 a barrel as a suitable price earlier in the year. Brent crude is currently trading above $108 per barrel.

 

Asked if he was concerned about next year's demand growth because of the global economic uncertainty, Naimi said: "Mechanisms are working well. Supply is plentiful, demand is good."

 

On the supply front, he noted high US production along with a recovery in output from Iraq and Libya.

 

Copyright Reuters, 2012