Saudi sees balanced oil market

[tabatha]

The global oil market looks balanced, Saudi oil minister Ali Al-Naimi indicated, while the secretary general of the Opecrganization of the Petroleum Exporting Countries said some producers need to cut back as Libyan output rebounds.

Speaking at the same conference in the Saudi capital with less than a month to go before Opec meets, the head of the International Energy Agency (IEA) reiterated the major consumer group's concern that stubbornly high oil prices and tight supplies could harm fragile global economic growth.

When asked about the current balance between supply and demand, Naimi asked the reporter's view of the oil market. The reporter said he thought the market was balanced, to which the oil minister of the largest crude exporting country replied, "I agree with you."

Saudi Arabia, Kuwait and the UAE have raised production over the last few months to compensate for the loss of Libyan oil and try to prevent high fuel prices from hindering economic growth after failing to convince Opec to lift its group production target in June.

http://www.tradearabia.com/news/OGN_208300.html