Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi headed today the delegation of the Kingdom of Saudi Arabia, participating in a ministerial meeting of the Organization of Petroleum Exporting Countries (OPEC) in the Austrian capital Vienna. In a statement to the Saudi Press Agency, Eng. Al-Naimi said, "The current situation in the international oil market is characterized by stability and balance in terms of supply and demand and the level of commercial stocks. Prices are at a level suitable for producing countries, consuming countries and the petroleum industry." In addition to making a decision about the international oil market, Eng. Al-Naimi said the ministerial meeting will also discuss a number of administrative topics explaining that the candidate of the Kingdom of Saudi Arabia, Dr. Majid Abdullah Al-Muneef is still the proposed candidate for the post of Secretary General of OPEC.
