Reuters cited Mr Ibrahim Alassaf finance minister of Saudi Arabia as saying that supply to global oil markets was adequate and was comfortable with oil prices at their current level.

Mr Alassaf said that our long standing policy is to have stability and that's why we've always provided excess capacity for the market and we've been there during, during growth, during all kinds of events in the market. And in my view the supply is adequate at this point.

He said that Saudi Arabia did not like very high prices but asked on CNBC television if he was comfortable with crude at around USD 100. I'm comfortable with that, as a finance minister, yes.

(Sourced from Reuters)