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Naimi happy with oil market, alert to double dip

October 14, 2010 11:47 by Reuters

Saudi Arabian Oil Minister Ali al-Naimi said on Thursday ahead of an OPEC meeting that he was happy with the current oil market and oil prices, and did not wish to damage economic recovery. “The biggest challenge we have is to keep the oil market as it is today,” Naimi told reporters.

“We are in an ideal situation, the market is well supplied,” he added. “We are happy with the price the way it is.”

Oil prices rose to $84 a barrel on Thursday, nearing the year high of $87.15 on May 9.

Naimi declined to be drawn on an oil price level which might endanger fragile economic recovery, but said producers were concerned about a possible slide back into recession.

“I hope we don’t have a double dip, everybody is working very hard to avoid it,” he said.

Tags: current oil market saudi minister, current oil price, opec meeting oil market, saudi oil minister opec meeting