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Saudi Arabia: OPEC output level contributes to "fairly well-balanced" market
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21:08, September 09, 2008

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Saudi Oil Minister Ai al-Nuaimi said in Vienna Tuesday that the international crude oil market is "fairly well-balanced" and that the current OPEC crude oil output is appropriate.

Ai al-Nuaimi said that OPEC had made great efforts to fulfill its objectives and stabilize the market. Therefore, the current market is "fairly well-balanced" and the "inventories are in a healthy position," he explained

Oil ministers of the OPEC member countries will meet and discuss the new production levels for the coming months at the 149th Ordinary Meeting of the OPEC Conference scheduled for Tuesday night in Vienna.

Comments by Ai al-Nuaimi was seen as a signal. Some analyst predicted that the oil cartel might keep its current production level.

Since early July, the OPEC crude oil prices have dropped sharply along with the international oil prices. The oil cartel produces about 40 percent of the whole world crude.

Compared with the weekly average price in the first week of July, the OPEC crude oil prices have sunk by almost 25 percent in the first week of September.

What is more, according to the latest statistic from the cartel's secretariat, the daily average crude oil prices continued to drop to 101.08 U.S. dollars per barrel on Monday, falling from a record high of more than 140.73 U.S. dollars per barrel on July 3.


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