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Page added on September 28, 2009

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Saudi Says $75 Oil Helps All Energy Types

As I wrote a few weeks ago, Ali al-Naimi, the Saudi oil minister, subscribes to the “Goldilocks” view of the current market — in which prices are neither too high for consumers, nor too low for producers, but are just right for all.

The world needs oil prices to be around $75 a barrel to ensure that all investors — whether they produce tar sands or alternative fuels — can invest profitably to bolster supplies, according to Mr. Naimi, who spoke to the “Nightly Business Report” on PBS on Friday evening.
“If we want energy supplies to continue to meeting demands, we need investments in all kinds of sources of energy, especially fossil fuels, at least for the next 30 to 50 years,” Mr. Naimi said, according to a transcript provided by the channel. “Now to produce some of the hydrocarbon sources, it requires a price which rewards the investor. Some of these investments need a price between $60 and $80 and that’s why we chose a fair price of around $75.”

New York Times



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