March 5, 2008 / 10:28 AM / 9 years ago

No weakness in demand for Saudi oil: Naimi

1 Min Read

VIENNA (Reuters) - Saudi Arabian Oil Minister Ali al-Naimi said on Wednesday he saw no weakness in demand for the kingdom's oil.

He told reporters Saudi was producing 9.2 million barrels per day and was dedicated to keeping the oil market in balance.

Naimi was asked if he saw Saudi oil customers taking less crude: "No not really, from the customers, no," he replied.

"We are moving 9.2 million day in day out -- that's what the market needs and OPEC is dedicated to keeping the market well balanced."

Speaking just before OPEC ministers started their meeting, he said that a $60-$70 price for crude oil was the economic floor for making the production of alternative fuels viable.

"That's what it costs to make a barrel of alternative fuel -- I still believe its about $60-$70," Naimi said.

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