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Page added on November 29, 2008

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Saudi Arabia wants oil price at $75 a barrel

CAIRO, Egypt (AP) — Saudi Arabia said Saturday that it hoped to raise oil prices to $75 a barrel, but indicated that no measures would probably be taken until an OPEC meeting next month in Algeria.


Saudi Oil Minister Ali Naimi said that OPEC will “do what needs to be done” to shore up falling oil prices when the cartel meets next month in Algeria, even as his king told a Kuwaiti newspaper that $75 a barrel was a fair price for oil


Naimi did not entirely rule out the chance that the Organization of Petroleum Exporting Countries would slash output at the hastily convened meeting Saturday, but he did say the bloc needed to wait until the meeting in Oran, Algeria on Dec. 17 to assess the impact of two previous rounds of cuts.


His comments came after Saudi King Abdullah told the Kuwaiti daily Al-Seyassah that oil should be priced at $75 a barrel, far above its current rate.


“We believe the fair price for oil is $75 a barrel,” he said, without elaborating on how this would be achieved. Whereas crude stood at about $147 a barrel in mid-July, it now hovers about $90 lower. On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel.


AP



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