Saudi Arabian Oil Minister Ali Al Naimi said $75 (Dh275) a barrel was a fair price for oil and he saw no need for the Organisation of Petroleum Exporting Countries (Opec) to change production ahead of the group’s next meeting in December, according to a transcript of an interview with US television.

In an interview with the Nightly Business Report on PBS, Al Naimi said
producers needed an oil price that would allow supplies to be developed
to meet demand.

“We believe that around $75 [a barrel] is a fair price for both producer and consumer,” Al Naimi said.

“At $60 and $70 [a barrel], you see a bigger movement in investment,
you see more supply of energy.” Oil prices dropped from over $147 a
barrel in July of last year to below $33 a barrel in December as the
recession battered global oil demand, prompting Opec to agree to a
series of output cuts last year to help lift prices.

US crude prices have since rebounded, settling at $66 a barrel on Friday.

When asked if he saw any factors in energy markets that could prompt
Opec to change its production policy ahead of its next meeting in
December, Al Naimi said: “Right now, I don’t believe so. I think we
will be as we are today”.

He added he was not worried about rising volumes of Russian oil exports, even as Opec was restraining production.

Al Naimi said he did not want oil prices to return to $140 a barrel but
added: “Anything is possible. We will do our best to avoid that.”

Al Naimi said signs were emerging that global oil demand is rising again, especially in Asia.

Source: Reuters

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