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The Saudi Arabian oil minister has said that the current oil price is keeping both producers and consumers happy.
News agency Reuters reported that Ali al-Naimi believes that no further production cuts are needed when the OPEC member states meet up later this month.
“The market is in very good shape, very well supplied,” Naimi is quoted by Reuters as saying.
“With the price ranging between $68 and $73, what else do you want? The price, everybody likes, consumers and producers,” he added.
OPEC reduced its production output by 4.2 million barrels over the last 12 months in a bid to stabilise prices. The reduction has meant that the price for oil has recovered sharply from a December low of US$32.40 to it’s current level of around $70 a barrel.
However, Naimi did admit that oil inventories are still a little high.
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