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| | GEO World | | Saudi king says fair oil price 75-80 dollars | Updated at: 1501 PST, Tuesday, May 26, 2009
KUWAIT CITY: King Abdullah of OPEC powerhouse Saudi Arabia said in remarks published on Tuesday that a fair price for oil was between 75 and 80 dollars.
"We still believe that a fair price is 75 dollars and perhaps 80 dollars a barrel, especially now," the king said in an interview with Kuwaiti daily Assiyassa.
King Abdullah -- whose country is the world's top oil exporter -- also said that prices, which have dropped sharply due to the global economic meltdown, would eventually stabilise at a higher range when the world economy recovers.
"The issue of fluctuating prices is governed by developments and conditions of the world markets. These (prices) are bound to stabilise at a higher price for oil in the future," he said.
Oil prices were hovering around 60 dollars a barrel in Asian trade on Tuesday ahead of an OPEC meeting later this week and continued unrest in key oil exporter Nigeria. Oil fell from record peaks of more than 147 dollars in July to about 32 dollars in December as demand dropped off due to the global economic crisis but prices have since risen gradually.
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