Oil prices are perfect, says Saudi oil minister

Saudi Arabia’s oil minister Ali al-Naimi said on Saturday that the current global oil price is “perfect” and that the crude market is stable. Oil prices have increased 69 percent this year, and are presently trading at around $75 per barrel.

“Inventories are coming down, the price is perfect, and all investors, consumers, producers — they’re all very happy,” he told reporters in Cairo. “The market is stable right now, volatility is at minimum, everybody is happy with the price, it is in the right range,” al-Naimi said. “There is nothing to worry about.”