Saudi oil minister calls current global oil prices at around $75 a barrel ‘perfect’

Saudi oil minister: oil prices ‘perfect’

CAIRO — Saudi Arabia’s oil minister says the current global oil price is “perfect” and the market is stable.

Ali Naimi’s remarks Saturday came as key Arab OPEC ministers indicated the oil producing bloc was unlikely to change its production quotas when it meets Dec. 22 in Angola.

Naimi told reporters “the price is perfect” and that the global crude market is stable. Benchmark crude futures settled on Friday at around $75 per barrel.

The Organization of the Petroleum Exporting Countries supplies roughly 35 percent of the world’s crude. It has left production unchanged so far this year, opting to focus on greater compliance with production ceilings by its 12 member states.

Naimi spoke on the sidelines of the annual OPEC meeting.