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$100 is Good Oil Price for All

Source: Reuters 4/27/2012, Location: Middle East

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An oil price of $100 per barrel would provide the right balance for both consumers and producers, Saudi Arabian Finance Minister Ibrahim Alassaf said in an interview for the public Czech Television aired. Global benchmark Brent blend was valued on Wednesday at just below $120 a barrel.

"The target of $100 is good both for producers, consumers and the oil industry. I think this is a price that is good for everyone. So this is our target," Alassaf said.

Saudi Oil Minister Ali al-Naimi in January identified $100 a barrel as a favourable oil price for an average of crudes worldwide but since then prices have risen sharply.

Alassaf said there was no fundamental imbalance of supply and demand on the oil market and prices had been driven up by speculators and tensions in international relations.

Alassaf added Saudi Arabia would not buy European sovereign debt directly, but is helping via providing funds to the International Monetary Fund (IMF).

"We prefer, like many other countries, to do it through the IMF. That is lending to the IMF in order for the IMF to lend to the countries, because then it will be through a programme between the IMF and the specific countries," he said.

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