Oil market 'comfortable' with violence risk: Saudi

Recent unrest in the Middle East and North Africa has little impact on oil prices because the market has become "comfortable" with risk, Saudi Arabia's Oil Minister said Wednesday.

Questioned about ongoing violence in Iraq, Libya, Yemen and also Saudi Arabia, Ali al-Naimi replied that there was "very, very small" risk premium in the current oil price.

"This premium is there but fortunately the world is getting very comfortable with the risk," said Naimi, addressing an OPEC seminar before the cartel's output meeting on Friday.

"That is why you see that portion is really very small no matter what is happening ... in the most productive part of the Middle East.

"They don't seem to be affecting production, shipping, demand, supply... The risk premium is there, but it is very very small because of the variabliity of supplies."