Saudi Arabia satisfied with the current crude oil price and the level of global supply and demand , the oil minister said on Monday , indicating that OPEC will not change its production ceiling .
" The market might be in the best position , " said Saudi Oil Minister Ali al - Naimi told reporters in Vienna ahead of the meeting of the Organization of Petroleum Exporting Countries ( OPEC ) on Wednesday ( 4/12 ) to determine the amount of their production , AFP reported .
" The huge demand , improved economic growth , " said Naimi , representing the largest crude oil producer in the world .
A dozen members of OPEC countries in the Middle East , Africa and Latin America collectively produce about one-third of the world's crude oil production and has a ceiling of 30 million barrels per day - slightly above the current production .
" Supply and demand are in balance , inventories are in a good position , " Naimi said in the capital of Austria , where OPEC is headquartered .
" We are now at the right price .... Price is keptusan market . Whatever we pleased with the market-determined , " he added .
Saudi Arabia stated that the current price of an average of 100 dollars per barrel provide earned income for producers without pressing too heavily on consumers .
When asked if OPEC should cut production amid the prospect of increased exports from Iran after the country's nuclear deal recently , Naimi said : "Why trimmed ? Demand there . "
Energy monitoring organization the International Energy Agency ( IEA ) predicts that demand for OPEC crude will drop to 29.10 million barrels per day next year from 29.89 million barrels per day at the moment - in the middle of the Libyan unrest and increasing competition for oil cartel .
Libyan production has fallen to about 250,000 barrels per day compared to the usual production of 1.5 million in the middle of a deadly battle between the militant group with the army .
In addition , OPEC faced increasing competition from energy shale ( shale ) , and it itself has said that it takes time for the oil cartel to reduce periodically until 2017 , before rebounding ( rebound ) slightly in 2018 .
The explosion on production in the oil and gas extracted from shale rock found throughout the world , especially in North America , has cut energy costs for many consumers .
While OPEC stated that he has an important role to play in meeting the needs of the world's crude .
Produces about 35 percent of world crude oil cartel in Vienna will also decide on whether to replace Abdullah El - Badri as secretary general .
Saudi Arabia competes against Iraq and Iran to replace El - Badri , who was driving the cartels through the financial crisis in his role as head of OPEC since 2007 .
OPEC in December last year decided to take back the Libyans it for another year after members failed to agree on a new secretary general .
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