FROM SCRATCH NEWSWIRE

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SAUDI ARABIA’S KING WANTS US OVER A $75-PLUS BARREL

Posted by Gilmour Poincaree on December 2, 2008

Sunday, November 30, 2008 – Added 1d 22h ago

by Associated Press PUBLISHED BY ‘THE BOSTON HERALD’ (USA)

CAIRO, Egypt – Saudi Arabia’s king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister Secretary of Defense Robert M. Gates, left, attends a meeting with King Abdullah bin Abdul al-Saud at the king´s hunting lodge in Saudi Arabia to discuss current issues in the Middle East Jan. 17, 2007
indicated yesterday that no measures will likely be taken until OPEC meets again next month.

Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will “do what needs to be done” to shore up falling oil prices when the group meets Dec. 17 in Algeria, but for now it was “too early.”

Other ministers at the hastily convened OPEC meeting in Cairo did not entirely rule out production cuts, including Libyan oil official Shokri Ghanem, who, ahead of the meeting, said “all options are open.”

But Naimi, whose country is the world’s largest oil producer, said the bloc needs to wait until the Algeria meeting to assess the impact of earlier production cuts.

Naimi’s comments came after Saudi King Abdullah told the Kuwaiti newspaper Al-Seyassah in an interview published Saturday that oil should be priced at $75 a barrel.

“We believe the fair price for oil is $75 a barrel,” he said, without explaining how the price could be raised.

The price of crude stood at about $147 a barrel in mid-July.

On Friday, the U.S. benchmark West Texas Intermediate crude for January delivery was trading at about $54 per barrel.

© Copyright 2008 Associated Press. All rights reserved.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE BOSTON HERALD’ (USA)

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