Abu Dhabi (Platts)--11Nov2012/958 pm EST/258 GMT

Saudi Arabian oil minister Ali Naimi said Sunday that the current oil price was "good," markets in balance and inventories comfortable.

"I like the price," Naimi told reporters on the sidelinese of the Abu Dhabi Petroleum Exhibition and Conference in the UAE capital. "What price? The price that the consumer is happy with. There is a world economy. How is the world economy doing? Is it better than it was doing in March, then it is a good price."

Asked about Saudi Arabian production, Naimi said the OPEC kingpin was producing 9.7 million b/d and would continue to meet its customers' needs.

"If you have a customer, you give him what he wants. If there is no customer, you need a buyer to sell," he said.

However, Naimi said the market was in balance and Saudi Arabia was happy with the current situation.

"I think it's [market] very balanced. Inventories are comfortable. The market clearly is in good shape. We are very happy with the situation," Naimi said.

"If the recovery is better than what we see today, demand for energy will go up and petroleum is a part of that," he said.

"If the recovery is on the negative side, and a recession happens, which I hope doesn't happen, then it will be a little bit of trouble," he said, adding: "This is one of the scenarios we have to look at."

He was referring to the forthcoming OPEC meeting in Vienna on December 12 but the Saudi minister would not predict what action the producers' club might take.

"We haven't met yet, when we meet we'll tell you," he said.

--Herman Wang, herman_wang@platts.com --Edited by Kate Dourian, kate_dourian@platts.com