High oil price not justified by market fundamentals: Saudi

RIYADH: Saudi oil minister Ali Naimi said on Monday the high price of crude was not justified by market fundamentals, stressing that supply and demand are balanced.

"Saudi Arabia is concerned about rising oil prices in the international oil market. The current high price of oil is simply not supported by market fundamentals," he said in a statement.

"The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate," he added.