Brent crude, for now more representative of global prices than
’I would like to assure you that the importing Asian nations can depend on West Asia (Middle East) for future security and reliability of oil supply,’ Saudi Oil Minister Ali Al-Naimi told a meeting of Middle East and Asian oil ministers in Riyadh, Reuters said.
Security of supply is a nagging worry for Asia, where economic expansion is leading to growing import dependence on the volatile
It is equally important for the world’s largest producers, spending massively to boost output in the long term, to be assured of future demand for their oil.
The price of oil was also high on the agenda at informal talks between top exporters such as
Brent crude was trading at $66.80 a barrel at 1124 GMT and US crude at $64.15.
Consumers have called on the Organization of the Petroleum Exporting Countries to help ease prices and prepare for a seasonal third quarter rise in demand by reversing some of the 1.7 million barrels per day cuts it agreed last year.
The head of the International Energy Agency, energy adviser to 26 industrialized nations, said prices were too high and global fuel stockpiles too low. But he stopped short of calling on OPEC to raise output.
’Oil stocks are not growing as much as they should at the moment, so there is not enough oil in the market,’ Claude Mandil, the IEA’s executive director, told reporters in Riyadh. ’It is no secret we think the price is too high.’
A South Korean government statement quoted Saudi’s Naimi as saying there was a ’bubble’ in oil prices. But a
But speaking to reporters in
’We do not look at the price. We look at the fundamentals of supply and demand and they are in good shape,’ he told reporters.
OPEC Secretary General Abdullah al-Badri echoed that sentiment, saying in
The Saudi oil minister underscored
PIN/IRAN-DAILY
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