INTERVIEW-Saudi's Naimi says global oil supply plentiful, demand good

Meeyoung Cho
Reuters Middle East

SEOUL, Dec 18 (Reuters) - Global oil supplies are plentiful

and demand is good, while buyers and sellers are happy with

current prices, top exporter Saudi Arabia's oil minister Ali

Al-Naimi said on Tuesday.

"You know my desire is that people leave the market alone,"

Naimi told Reuters in an interview in Seoul. "You know why?

Because everybody now is happy with where the prices are. Nobody

is complaining about high prices or low prices."

"They are no longer sky rocketing or falling down. So I will

really leave the market alone."

The oil minister had identified $100 a barrel as a suitable

price earlier in the year. Brent crude is currently

trading above $108 per barrel.

Asked if he was concerned about next year's demand growth

because of the global economic uncertainty, Naimi said:

"Mechanisms are working well. Supply is plentiful, demand is


On the supply front, he noted high U.S. production along

with a recovery in output from Iraq and Libya.

(Editing by Manash Goswami and Himani Sarkar)

By using Yahoo you agree that Yahoo and partners may use Cookies for personalisation and other purposes