Current oil prices around $80 a barrel were "in a happy situation", Saudi Arabian Oil Minister Ali al-Naimi said.

Speaking ahead of OPEC's Wednesday meeting, al-Naimi said oil ministers in the group were happy with the oil market situation and that the oil price was supported by fundamentals.

Saudi Arabia was not concerned by the supply of Russian crude via a pipeline to the Pacific into the keenly-contested Asian market, al-Naimi said. – Reuters