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Saudi official: oil at $80 is a good price

Oil prices at $80 per barrel was good price under current market conditions-says Saudi official.


November 22, 2010 10:01 by

A Saudi oil industry official told Reuters on Monday that oil prices at $80 per barrel was good price under current market conditions.

“As far was we’re concerned we have excess capacity,” the source said. “I think we’re happy with $80 per barrel at the moment.”

The remarks were in line with comments from Saudi Oil Minister Ali al-Naimi earlier this month, who said that prices of between $70 and $90 a barrel were comfortable for consumers, a shift from previous comment in which he said $70-to-$80 was the ideal range for producers and consumers.

(Reporting by Humeyra Pamuk; Editing by Reed Stevenson)


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