Top oil exporter Saudi Arabia has 264 billion barrels of proven oil reserves, and could continue to supply the world market for another 80 years, the country's oil minister said Monday.

"At current production levels the Kingdom could continue to supply crude oil for another 80 years, even if we never found another barrel," Ali Al-Naimi said in a speech in Singapore .

"We've added as much oil (in reserves) as we produced for the past 20 years," and the current production capacity is at 12 million barrels a day, he said. "Fossil oil (production) will peak, but the question is when?"

Naimi also said crude oil price had found its comfort zone at $70-$90 a barrel, which consumers and producers all like.

So the oil price may stay in the current "very comfort" zone for "longer than most people think," Naimi added, without elaborating.

Fossil-based oil will still dominate global energy use until at least 2050 as green energy isn't yet becoming economically viable, according to Naimi. "Fossil oil will still account for 85% of energy use by 2050," said Naimi, compared with the current level of 98%.

Moreover, the current crude market is "a little bit over supplied but not to the extent of pressuring price," he said at the industry event.

"For consuming nations, if oil drops significantly below $70 a barrel" it will hurt the competitiveness of renewable energy, which they have put a lot of effort into developing, Naimi added.

Renewable energy is important in fighting global warming, and Saudi Arabia is willing to "become the bridge" between the present and the day new energy sources become financially sustainable on their own, Naimi said.

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