"The price of oil should be at moderate levels so that consumers are not hurt and producers are not hurt," he added.
In addition to the lack of supply, Al-Jubeir blamed the high price of oil on "massive" price speculation by hedge-funds, terrorism fears and a shortage of refining capacity in the US.
In other trading on Nymex, June heating oil futures fell 3.11 cents to 99.60 cents per gallon and natural gas for June delivery settled 2.9 cents higher at US$6.353 per 1,000 cubic feet.
RSS