Saudi Oil Minister Al-Naimi says $ 70 - $ 80 a barrel is a "good" oil price

Saudi Oil Minister Ali al-Naimi, told reporters that $ 70 to $ 80 a barrel is a good price for oil. He spoke before the ministers of the Organization of Petroleum Exporting Countries began a closed-door meeting in Quito, Ecuador, to decide on policy and OPEC production quotas.

He made the following comments.

The price of oil:

"Prices rise, prices fall."

"How many times do I have to say. $ 70 to $ 80 is a good price."

He refused to comment on the current price is near $ 88 a barrel in New York.

On supply and demand:

"The fundamentals are good. The market is in equilibrium at this time."

On why OPEC should leave output unchanged:

"Why do you want to disrupt the market. It is in the balance, everyone is happy, producers and consumers, why all these questions that will cause a disturbance in the market?"