CAIRO: Saudi Oil Minister Ali al-Naimi said on Saturday that the price of oil is "perfect" and that crude inventories in international markets are on the decline.

"Everything is so good now, we don't have to think very hard," Naimi told reporters in Cairo, reflecting an agreement among OPEC members to keep production quotas unchanged at a conference later this month in Angola.

Asked if he was not worried about the high level of inventories in international markets, Naimi said: "Of course."

"Inventories are coming down, the price is perfect and all investors, consumers, producers are all very happy," the oil minister of the world's largest crude exporter said.

Naimi is in the Egyptian capital to attend a ministerial meeting of the Organisation of Arab Petroleum Exporting Countries (OAPEC).

"The market is stable right now, volatility is minimum and everybody is happy with the price. It is in the right range," the minister said.

Naimi also said that production compliance among OPEC members is "good" and that "Saudi Arabia is in full compliance of its production quota" of around eight million barrels per day.