The oil market is stable and supply shortages can be covered, so the Organization of Petroleum Exporting Countries has no reason to change its production levels, according to Saudi Arabia’s oil minister. OPEC’s current output of about 30 million barrels a day is the right level and global oil demand is “great,” Ali Al-Naimi told reporters in Seoul today. Saudi Arabia, the biggest producer in the 12-member group, is pumping about 9.6 million barrels a day and has 12.5 million of capacity, he said. Oil at about $100 a barrel is a “fair price for all,” said Al-Naimi, who is attending ministerial meetings on clean energy in South Korea’s capital. Brent futures are above $108 in London today, rising for the first time in three days amid concern that the crisis in Ukraine may disrupt energy supplies from Russia . West Texas Intermediate, the U.S. benchmark crude, was near […]