Saudi minister 'very happy' with oil price

Saudi oil minister Ali Al-Naimi has said that oil prices are in the right range and that production policy should remain unchanged, Bloomberg has reported. 'The price has stayed very well in the range of $70 to $80. It is in a very happy situation,' Al-Naimi was quoted as saying in Vienna, adding he is pleased with quota compliance and foresees no need to change output. 'There are no shortages, investment is going on, demand looking forward is going to continue to rise, so everyone is happy.'