Monday, Nov 21, 2011
RIYADH (Dow Jones)--Saudi Arabia's oil minister Ali al-Naimi said Monday that the kingdom will adapt to market dynamics and he is "very happy" with current oil prices.
"We will wait until they (OPEC members) come with a proposal... This whole thing is dynamic and we respond to dynamism. If the changes happen we will change with them," he told reporters in Riyadh, but declined to say if Saudi Arabia still sees a need for more oil in the market.
On Monday, the minister said crude markets are currently balanced, but that it was too early to comment on what action the Organization of Petroleum Exporting Countries might take when it meets in Vienna in December.
The Arab world's biggest economy pledged to raise output to as much as 10 million barrels a day after an OPEC meeting broke up in June without a decision on how to guide crude-oil production.
OPEC at the meeting splintered into two camps: Gulf states led by Saudi Arabia that advocated for a 1.5-million-barrel-a-day increase to meet demand in the market after the loss of oil supplies from Libya, and other nations that opposed the move because of an uncertain outlook for the global economy.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
21-11-11 0607GMT
