Azernews.Az

KUWAIT CITY – Qatar's oil minister Abdallah Al Attiyah said Sunday that recent oil price strength was due to "partially speculation" and that crude perched around the $80 a barrel level wasn't a concern.

"No, I think $70 to $80 a barrel is very good for producers and consumers," Al Attiyah said on the sidelines of a Gulf oil ministers meeting in Kuwait City.

Asked whether demand or speculation was behind the recent rise in oil prices, Al Attiyah said: "Partially speculation."

Crude oil futures prices rebounded Friday to settle higher, lifted by weakness in the dollar and concerns that a continuing strike at a French oil port may begin crimping supplies. Light, sweet crude oil for November delivery on the New York Mercantile Exchange settled at $82.66 a barrel.

Saudi oil minister Ali Naimi declined to comment on the oil price Sunday or whether the market is over supplied, ahead of a meeting of the Organization of Petroleum Exporting Countries, or OPEC later this week.

OPEC is widely expected to keep its quotas unchanged when it gathers in the Vienna on Oct. 14.

OPEC said in a statement to the International Monetary Fund's advisory body Saturday that demand for its crude oil was only forecast to grow next year by 200,000 barrels a day as the global financial crisis continues to take a toll on the economy. Total demand is seen increasing by one million b/d next year, with the bulk of new consumption coming from emerging countries such as China and India and in Latin America. Non-OPEC supply, including oil and natural gas liquids, is expected to grow by 900,000 b/d this year but only by 400,000 b/d in 2011.