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Saudi says oil market supply 'adequate'

Davos, January 26, 2012

Saudi Finance Minister Ibrahim Alassaf said on Thursday that supply to global oil markets was 'adequate' and said he was comfortable with oil prices at their current level. 

'Our long-standing policy is to have stability and that's why we've always provided excess capacity for the market and we've been there during, during growth, during all kinds of events in the market. And in my view the supply is adequate at this point.'

Alassaf said Saudi Arabia did not like very high prices but asked on CNBC television if he was comfortable with crude at around $100 he said: 'I'm comfortable with that, as a finance minister, yes.'-Reuters

Tags: Saudi | Supply | oil market |

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