Saudi oil minister Ali al-Naimi said oil prices are at a suitable level
for oil producers and consumers, the Saudi Press Agency reported
Wednesday.
"The situation in the international oil market at present is
characterized by stability and balance of supply, demand and commercial
inventories," Mr. Naimi said. Oil "prices are at the level suitable for
producing and consuming nations and the petroleum industry."
Mr. Naimi also said that when the Organization of the
Petroleum Exporting Countries meets Friday, it will discuss the criteria
for selecting a new secretary general to lead the group, the article
said.
Majid al-Moneef is still the Saudi kingdom's proposed candidate for secretary general, Mr. Naimi told the Saudi Press Agency.