Saudi Oil Minister Ali al-Naimi said oil prices needed to return to $75 to keep the more expensive new projects at the margins of world supply on track. His comments may come as a relief to consumer nations fearful of a return to $100-plus oil. U.S. crude <CLc1> was valued at $55 at the close of trade on Friday.
"There is a good logic for $75 a barrel," Saudi Oil Minister Ali al-Naimi, OPEC's most influential voice, told reporters in Cairo, where the producer cartel was meeting. [ID:nLT557953]
"You know why? Because I believe $75 is the price for the marginal producer. If the world needs supply from all sources, we need to protect the price for them. I think $75 is a fair price," he said.
Saudi King Abdullah announced $75 as a fair price in an interview with Kuwaiti newspaper Al-Seyassah.
Naimi's comments stopped far short of suggesting OPEC adopt a new formal price target to guide policy. But the unexpected break from his customary refusal to cite any sort of preferred price will give markets a new reference point when world oil demand recovers from the current recessionary slump.
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