An oil price comfortably over $100 a barrel leaves smiling OPEC ministers with an easy task to leave things as they are on output policy at their Wednesday meeting.
Brent crude has stayed above that price, the preferred level of top OPEC producer Saudi Arabia, all year and was trading near $110 on Tuesday, supported by the almost total loss of supplies from OPEC member Libya.
The Organization of the Petroleum Exporting Countries, which pumps more than a third of the world's oil, is meeting in Vienna to agree policy for the second half of the year. Ministers have said they will leave the output target of 30 million barrels per day (bpd) unchanged, and that the market is well-supplied.
"The price is good. Brent is $110, it is not bad," said Angolan Oil Minister Jose de Vasconcelos.
Saudi Arabia's Oil Minister had yet to arrive in Vienna, but gave his unambiguous view on the meeting last month. "There is no reason for a change. Absolutely no reason," he told reporters in Seoul. "Supply is highly sufficient, demand is great and the market is fairly stable."
Riyadh kept production little changed in May, pumping 9.705 million barrels per day, according to industry sources, supporting Naimi's view that the market did not need more.
OPEC has steered a course around the loss of over a million barrels per day of oil from Libya, as the crisis there deepened to its worst since the civil war three years ago.