The world oil market is well supplied and inventories are at comfortable levels, Saudi Arabian Oil Minister Ali al-Naimi said on Saturday ahead of Monday's Opec meeting. "Opec in general and Saudi Arabia in particular have done their best to supply the world with what it needs energy-wise," Naimi told reporters.
"So you see inventories today are very comfortable, prices are coming down and I hope no one is concerned about shortage of supply." "Demand is very well satisfied - you read the numbers, you see the inventories rising," Naimi said. "I think the market is very comfortable and very well supplied. We are very happy with the situation."
Opec ministers are expected to leave the group's output ceiling unchanged at 28 million barrels per day at the Monday meeting. Naimi said was pumping at a rate of 9.2 million barrels per day in August.