“Price a Barrel too high”: Oil minister Al-Naimi

Posted by Oilism.com on December 3rd, 2007 at 06:23pm

Saudi oil minister finds crude oil unfair priced.

According to the Saudi oil ministerAl-Naimi there is a sufficient supply of crude oil to meet to the demand at this moment. At current levels the price of crude oil is too volatile and unfairly because of the supply demand ratio. Al-Naimi saids this yesterday on an energy congress in Singapore.

Production
Al-Naimi did not want discuss the question if the OPEC will raise production levels because this wil be decided next week. The organisation of Oil Producing Countries meets then in Abu Dhabi. High on the agenda is the current crude oil price  which reached last week a record of 99.29 dollar. The price of a barrel of 150 litres of crude oil has meanwhile sunk back down to approximately 94 dollars a barrel.

Under OPEC+ Production levels