The current oil prices at nearly $83 a barrel, which are slightly above the $70-80 band, are ideal for producers and consumers and are at sustainable levels, Saudi Arabia Minister of Petroleum and Mineral Resources Ali Al-Naimi has said in a news report.
Arriving in Oran, Algeria, ahead of an Opec ministerial meeting on Wednesday, Ali Naimi, Saudi Arabia's powerful oil minister, said Opec had so far cut a total of 1.7m barrels a day, with Saudi Arabia accounting for 1.2m b/d.
India has asked oil cartel Organization of the Petroleum Exporting Countries to raise crude oil production to stem the relentless rise in international oil prices that have threatened to derail import dependent economies such as India.
OPEC agrees to keep pumping as oil glut fears persist.
Saudi Arabia, which has the world's largest oil reserves, has said that it may increase its stock by around 200 billion barrels and was also mulling investment in building refineries in India among other countries.
State-run Oil and Natural Gas Corporation on Friday said it has been invited by the Saudi Arabian Oil Minister Al Naimi for a conference in London on July 24 to discuss the oil and gas opportunities in the Arab kingdom.
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