Saudi targets return to $75 oil price

Saudi targets return to $75 oil price

CAIRO (Reuters) - Saudi Arabia on Friday identified $75 a barrel as a fair price for oil, the first time in years the world's leading crude exporter has cited a price target.
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.
"There is a good logic for $75 a barrel," said Naimi. "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."

Update Latest News: The OPEC Cairo meeting has ended without announcing new cuts in crude output. The next meeting is in Algiers on the 17th of December where they will try to reach an agreement on further cuts in crude output.