Oil price 'is satisfactory'

8 September 2009

Current crude oil prices are satisfactory for both consumers and producers, the Saudi oil minister Ali al-Naimi has argued.

Speaking to reporters ahead of the latest meeting of Opec members in Vienna, al-Naimi said: "The price is good for everybody - consumers, producers", Bloomberg reports.

He added that there is currently a good level of supply to the market.

Crude oil prices have been hovering between $68 (€46.96) and $73 per barrel - a level the Saudi minister is happy with.

Analysts believe that Opec member states will opt to keep production levels unchanged at their meeting tomorrow.

Oil prices reached record highs last summer but these fell back to below $40 per barrel in January this year. A number of production cuts have helped to boost prices and create a greater level of stability.

Predictions that supply will remain the same have led to an increase in both crude and heating oil prices in trading this morning. Heating oil on the New York Mercantile Exchange stood at $1.7589 at 05:58 Eastern Time today (September 8th).

Click here for a home heating oil quote.