RIYADH, June 29 (Reuters) - High oil prices have not yet had a visible impact on the global economy but they may eventually curb growth and encourage use of other energy sources, Saudi Arabia's central bank chief said on Wednesday.
"So far the impact on world economic growth ... has not appeared," said Hamad al-Sayyari, governor of the Saudi Arabian Monetary Agency.
"But the danger is that too high oil prices would encourage less use of oil, constraint on economic growth and development of competitive alternatives," he told reporters at a banking awards ceremony in Riyadh.
Asked if current prices around $60 a barrel were already having that effect, he said: "It's difficult to make a judgment. It is the market that will determine this."
Saudi Arabia, the world's biggest oil exporter, says it is pumping around 9.5 million barrels per day in an effort to curb the surge in oil prices and could increase production further if it can find buyers for the extra crude.
The high oil price has earnt the kingdom record oil revenues and the prospect of a third successive budget surplus after two decades of near continuous deficits.
Sayyari repeated Saudi Arabia's preference for a stable oil price which balances the interests of producers and consumers alike, without specifying a target price.
"Our interest is to have a stable, fair price long term. If a too-high oil price leads to a too-low oil price that is not in the interest of producers and consumers," he said.
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