OPEC secretary general says crude market balanced

TEHRAN,Nov. 2 (MNA) --OPEC Secretary General Abdullah al-Badri said that oil consumers and producer countries are “comfortable” with current oil prices and expressed hope that the cartel’s member countries will reach a consensus over production targets at their December meeting. “The price of $100 is comfortable for the consumer and the producing countries… the crude price is not expected to come down until the end of this year. “I am hopeful that there will be an agreement over OPEC’s production target in the next meeting,” al-Badri told reporters. “There is no oversupply in the crude market and the market is balanced,” al-Badri told Shana in Tehran and described current oil prices as “reasonable”. OPEC is scheduled to hold its next meeting at its Vienna headquarters on December 14.