Current oil price is good and that sharp price movements were no longer a problem, said Saudi Arabia's Oil Minister Ali Al Naimi on Saturday.

"The market is stable right now, volatility is at minimum," he told reporters. "Everybody is happy with the price, it's in the right range."

"There is nothing to worry about,” he added.

Speaking shortly before the start of a meeting of OAPEC (Organization of Arab Petroleum Exporting Countries) Arab oil producers, Al Naimi said Opec members' compliance with output targets was good.

"I would say compliance is good," he said. “I can tell you that we, Saudi Arabia, are in full compliance.” – Reuters