| Kippreport.com

Saudi Arabia happy with the current oil price

November 11, 2012 1:00 by Reuters

The oil market is in a good shape and Saudi Arabia is happy with the current oil price, the kingdom’s oil minister said on Sunday.

“The question is how is the world economy doing now; is it doing better than it was doing in March? Yes it is. So it is a good price,” Ali Al-Naimi told reporters on the sidelines of an oil and gas event, referring to the Brent price which settled at $109.40 a barrel on Friday.

“The market really is in good shape. We are very happy with the situation in the market,” he said.