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Saudi Arabia to bring down oil prices

According to Mr. Ali al Naimi, oil minister of Saudi Arabia that Saudi Arabia, together with fellow OPEC members will bring down high oil prices and is working to accomplish that.

Crude oil prices have surged about 13% to above US$120 per barrel this year due to production problems that leads a supply shortage from some producing countries and as US and European sanction exports against OPEC's second largest producer Iran, by which threatens a nascent recovery of the global economy.

The influential Saudi Arabian oil minister identified earlier this year that US$100 per barrel as an ideal price for producers and consumers.

Mr. Naimi reiterated that there were no supply shortages in the global oil market, added that fellow OPEC producers Libya, Iraq and Angola have increased output.

Meanwhile, the non OPEC members including Canada, the United States and Russia had also boosted supplies therefore sees no lack of supply.