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Saudi Oil Minister Says $25 Per Barrel 'Fair Price'.
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The country's oil minister, Ali Naimi, has said that $100 a barrel is fair.
The cartel has said repeatedly that it considers $25 a barrel a fair price, but most experts say that level is not sustainable over the long run and certainly not when the global economy is so weak.
We believe that a price of about $60 per barrel is fair, is satisfactory to consumers and to us as producers.
Saudi Arabia's king has indicated that he thinks $75 a barrel would be fair.
Saudi Arabia recently said that $75 a barrel was a fair price.
Angola's oil minister, José María Botelho de Vasconcelos, said that while $70 to $80 a barrel was a fair price for consumers, $90 a barrel could "jeopardize the market" by derailing the global rebound.
Mr. Naimi also said that $75 a barrel was a "fair price," echoing comments made by King Abdullah of Saudi Arabia in an interview with Al-Seyassah, a Kuwaiti newspaper, that was published the same day.
Following comments from OPEC President Chakib Kheilil that $70-$70-$80arrel is a "fair price for oil," crude's free-fall Thursday underscored that the oil-producing countries' wishes don't rule the market at present.
Saudi Arabia may think that $75 per barrel is a "fair price" for crude, but oil futures slipped further away from that target on Monday as bearish investors saw little hope of demand recovery, despite promises of a production cut from the Organization for Petroleum Exporting Countries in December.
Some time ago we were piously told by that OPEC don Ali al-Naimi, who speaking on behalf of his King Abdullah, instructed us that $75 a barrel was a fair price.
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