Oil prices at around $100 a barrel are reasonable for both consumers and producers, OPEC heavyweight Saudi Arabia's oil minister said on Monday, again highlighting the top crude exporter's preferred oil price.
Saudi Arabia's Gulf ally Kuwait echoed the comments on price, saying the current levels were fair, with the market a little bit oversupplied.
"I just came from Hong Kong and I told everybody, in 1996, I thought $20 a barrel was reasonable; in 2006 I thought $27 a barrel was reasonable and now it is around $100 a barrel. I told them again it is reasonable," Ali Al Naimi told reporters asking him what the fair price for consumers and producers would be.
Current oil prices will not deter economic growth, he told an investment conference in Hong Kong last week, amid warnings from the International Energy Agency earlier this month on worsening Chinese business sentiment, a European slowdown and the prospect of U.S. budget cuts potentially limiting demand for oil world wide.
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