Crude oil prices are in “the right range” and there is no need to reduce inventories, Saudi Arabian Oil Minister Ali al-Naimi said ahead of an OPEC meeting scheduled for later this month.
“Inventories are coming down, the price is perfect, and all investors, consumers, producers -- they’re all very happy,” Al-Naimi said today in Cairo, where Arab oil ministers are holding an annual meeting.
Algerian Oil Minister Chakib Khelil said it will be “some time” before oil production will have to increase. The Organization of Petroleum Exporting Countries, which supplies about 40 percent of the world’s oil, cut crude production last year as the global recession curtailed demand.
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