Saudi Arabia is satisfied with current crude prices as well as global supply and demand levels, its oil minister said Monday, indicating OPEC will freeze its output ceiling. "The market is in the best position it can be," Saudi Oil Minister Ali al-Naimi told reporters in Vienna ahead of a meeting of the Organization of Petroleum Exporting Countries on Wednesday to decide on production. "Demand is great, economic growth is improving," said Naimi, who represents the world's biggest producer of crude oil.
