Commodity Online
VIENNA : World’s largest oil exporter, Saudi Arabia on Monday said world oil markets is fairly well balanced.

Speaking to reporters here Saudi Oil Minister Ali al-Nuaimi said, "The market is fairly well balanced and we have worked very hard since June meeting prices where there are now. Inventories are in a healthy position, everything is in balance."

The comments by the influential minister increased speculation that the levels of production might be maintained at current levels.
At a meeting Tuesday, the 13-nation group is to decide its latest policy, with no change expected to its quota of 29.67 million barrels per day. Comments so far from key members suggested a split on whether output should be reduced in the face of declining prices in recent months.

Algeria, Iran, Venezuela and Libya raised fears of oversupply and suggested the need for a reduction in output, while Kuwait, the United Arab Emirates and Ecuador called for no change.

The comments from the Saudi minister suggested that he would opt to maintain the status quo.Riyadh has been producing record amounts of oil, around 9.6 million barrels per day in July, when its normal quota is only 8.94.

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