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Saudi Arabia’s Oil Minister Ali Al Naimi described yesterday the current oil price as stable and “perfect” for consuming and producing nations as he led talks in Cairo with other Arab oil ministers.

With oil around $75 a barrel, ministers said there was no need for the Opec to change its output targets when it met in Angola later this month.

“Everything is very good now,” Al Naimi said at a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).

“Inventories are coming down, the price is perfect and investors, consumers, producers are all very happy,” he added. “There is nothing to worry about. Source: Gulf News

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