QUITO (Reuters) – leading OPEC producer Saudi Arabia said on Saturday it will still benefit from a $ 70-$ 80 price range for oil, a restatement of a two-year-old policy that will be welcomed by consumer Nations concerned that rising oil prices could get out of control and inhibits the global economic recovery.
Saudi Oil Foreign Minister Ali al-Naimi told Reporters in an OPEC meeting in Quito:-$-$ 80 is a good price.
Comments came as the Organization of petroleum exporting countries agreed, as expected, to keep the production limits unchanged, despite a recent surge in crude oil prices to $ 90 per barrel.
With OPEC next meeting is not scheduled for June 2, which markets are likely to test the Saudi resolve to keep prices below $ 40.
-The real question is whether further deliveries will be added, "says Lawrence Eagles, global head of oil research at JP Morgan in New York. "Minister Naimi said kr was at the top of the range. Let's see if he follows with higher deliveries. "
U.S. crude oil closed at $ 87.79 a barrel on Friday with a two year concerned high of $ 90.76 earlier this week.
Saudi, OPEC most influential manufacturers, is likely to encounter resistance to any change in policy from other members who argue that demand is not strong enough to justify more oil and that speculators are obliged to push prices up.
Price Hawk Venezuela called for $ 100 oil and said OPEC should not terminate the output again until the end of 2011.
"We believe that the market should compensate for the high production costs. $ 100 seems to be an acceptable price, "said Venezuela Oil minister Rafael Ramirez.
Iranian Oil minister Masoud Mirkazemi said demand was "not good" and "nominal prices is good, real prices are not".
Riyadh, may decide on the best way to stop prices are rising further is to safely lift deliveries to customers through its monthly sales process rather than through OPEC politics.
-When you have $ 100 is sufficient Venezuela and Iran says demand is weak, even that it skyrockets, I think if they do not want (Saudis) a confrontation that will quietly delivers more in the market, "says Edward Morse, CEO of Credit Suisse in New York.
OPEC agreed its largest ever delivery sidewalks at the end of 2008 after a price collapse from $ 147 to just over $ 33 is caused by a recessionary slowdown of fuel demand. It has not been changed policy then.
Many OPEC ministers say supplies are adequate and that they will only open the taps, to meet the demand for extra.
"When there is a shortage on the market, or when we believe that there is a shortage on the market, we will, of course, to increase production, but it is not only a function of price, says Libyan head Shokri Ghanem.
"If prices are high because of speculation, we can do something about it," said Secretary-General Abdullah al-Badri.
"When you go to buy oil and you can't find it, it is OPEC will intervene and solve it."
Inventories held among industrial countries OECD is high on 60 days ahead of demand.
But the International Energy Agency, Adviser to the consumer Nations, said on Friday that demand, bolstered by an early winter cold snap, rising faster than expected.
Extra demand has flattened oil futures price curve and reduced discount at the prompt, raw, cut incentives for operators to store oil, likely means inventories will begin to drop.
Eagles at JP Morgan said:-really comments (OPEC) underlines that OPEC want lower inventories and, if it considers that the market will allow that to happen, but higher prices it is wrong.
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