Last updated: 9 December, 2013

Saudi Arabia says it is satisfied with oil prices and supply-demand stability

OPEC kingpin Saudi Arabia said on Monday it was satisfied with current oil prices, praising the “stability” in supply and demand in global markets.

“Current prices are suitable to both producing and consuming countries, as well as to the global economy,” the Saudi cabinet said in a statement following its weekly meeting.

The cabinet which debated the report of the OPEC meeting held last week, praised “the current stability in the global oil market, and the supply-demand stability,” SPA state news agency said.

The Organisation of Petroleum Exporting Countries agreed on Wednesday to hold its crude production ceiling at 30 million barrels per day despite oversupply concerns and competition from cheaper shale oil.

Oil prices rose in Asian trade Monday as robust US jobs data boosted hopes for stronger energy demand in the world’s biggest economy.

New York’s main contract, West Texas Intermediate (WTI) for January delivery, was up 18 cents at $97.83 a barrel in afternoon trade, while Brent North Sea crude for January rose 13 cents to $111.74.