High oil price not justified: Al-Naimi

[raptor22]

High oil price not justified: Al-Naimi

ARAB NEWS

Tuesday 11 September 2012

RIYADH: Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday 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,” Al-Naimi added.
He said the Kingdom remains ready to ensure adequate supply of oil to the international market.
“Saudi Arabia will, as always, take all necessary steps to ensure the market is well supplied and to help moderate prices — and we will meet any additional demand from our customers,” he said.
“We will continue to work in collaboration with other Gulf Cooperation Council nations, and with OPEC to defend the stability of the oil market,” he added.
Oil prices rose yesterday on hopes of more US financial stimulus aimed at boosting the world’s biggest economy, a prospect that was helping to offset disappointing Chinese data, analysts said.
Brent North Sea crude for delivery in October gained 64 cents to $ 114.89 a barrel in London afternoon trade.
New York›s main contract, light sweet crude for October, edged up just a cent to $ 96.43 a barrel.
Saudi Arabia in March became the world’s largest oil producer after increasing its production to 9.923 million barrels per day, topping Russia’s output of 9.920 million.

source


very interesting ; Saudi Arabia, the world's largest oil exporter,has pumped more to help make up for the loss of Iran's oil and now they are worry why prices are high ,only God knows who do you wanna serve .

 

[TopCat]

Thats true price of the oil is still too high. It should be around 80 dollar a less. With high price Oil can not sustain itself as commodity and in the long run will become as good as coal.

 

[Serpentine]

The man is worried because his masters are not satisfied with oil prices.Al-Naimi is a proud American.

Thats true price of the oil is still too high. It should be around 80 dollar a less. With high price Oil can not sustain itself as commodity and in the long run will become as good as coal.

Who says oil prices are high?You?U.S?Europe?According to what 80 dollars is a good price?

 

[Mosamania]

If Oil prices become too high. Then all the Alternative Energy projects that were turned down because of its relatively higher price than oil will become more attractive, and this outcome is something neither we nor the Iranians can sustain as of yet.

 

[BLACKEAGLE]

The end justifies the means.

 

[Serpentine]

If Oil prices become too high. Then all the Alternative Energy projects that were turned down because of its relatively higher price than oil will become more attractive, and this outcome is something neither we nor the Iranians can sustain as of yet.

Not 'too high' Mosa,110 dollars a barrel is not a very high price for oil and you know that,and I'm certain Saudi oil minister is not saying these words because of his country's interests,but western interests.They put OPEC's second producer under sanctions and try to cut off its oil exports,Saudi Arabia says they are ready to support the sanctions and fill the gap,and they expect oil prices not to rise.You are producing 10 million barrels a day,but you couldn't fix the prices.with current production rate,you will dry up your oil reserves 70 years sooner than Iran.You are not acting upon your own interests.

 

[TopCat]

The man is worried because his masters are not satisfied with oil prices.Al-Naimi is a proud American.



Who says oil prices are high?You?U.S?Europe?According to what 80 dollars is a good price?

Just inquire about bio-diesel. YOu will know.
Its coming my friend.

 

[Arabian Legend]

I totally agree Oil prices is too high and need to be lower than the current prices. Saudi Arabia should pumps more oil to stimulus oil market.

 

[kkacer]