Saudi king says oil should be $75 per barrel

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 indicated Saturday 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 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 saying 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.The king was echoed by Qatar's Oil Minister Abdullah Bin Hamad al-Attiya, who told the Arab news channel Al-Arabiya that prices needed to rise to guarantee investment into the oil sector."The price between 70 to 80 (dollars a barrel) is the one encouraging in investment and developing new or current oil fields," he said. "It falls below 70 (dollars), the investment would freeze, which will lead to a crisis in supply in the future."Nigerian Oil Minister Odein Ajumogobia also said they would be "very happy" with oil at $75.The cartel has already held an emergency meeting in Vienna on Oct. 24 to announce a production cut of 1.5 million barrels per day.The cut failed to stop the price drop, and the cartel abruptly convened the Cairo gathering on the sidelines of the Organization of Arab Petroleum Exporting Countries' meeting....
To read more go to:
http://news.yahoo.com/s/ap/20081129/ap_on_re_mi_ea/ml_opec_meeting;_ylt=AijVJdV_tISCRTC3NLj9AKtn.3QA

As in the days of Noah....