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Saudi Arabian Oil Minister Naimi Says Oil to Reach $75 a Barrel

Posted By admin On May 24, 2009 @ 3:21 am In Money Watch | Comments Disabled

Adam L. Freeman
Bloomberg [1]
Sunday, May 24, 2009

Saudi Arabian oil minister Ali al- Naimi said the price of oil will climb to $75 a barrel when demand picks up.

“We’ll get there eventually,” al-Naimi told reporters in Rome today where he will attend meetings with energy ministers from the Group of Eight industrialized nations. “The trick is keeping it between $70 and $80. It will be achieved as demand rises and the fundamentals are better than they are now.”

To reach that goal, Naimi said he will recommend OPEC members “stay the course” at their meeting in Vienna on May 28. Saudi Arabia is the biggest and most influential member of the Organization of Petroleum Exporting Countries, which produces about 40 percent of the world’s oil.

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Saudi Arabian Oil Minister Naimi Says Oil to Reach $75 a Barrel  335x205 graph128c aj [2]

The group is likely to keep daily output quotas unchanged at 24.845 million barrels at the Vienna gathering, according to a Bloomberg survey.

Crude oil for July delivery rose 62 cents to settle at $61.67 a barrel at 2:45 p.m. on the New York Mercantile Exchange yesterday. The July contract increased 8.2 percent this past week. Oil is up 38 percent this year.

Full article here [1]


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[1] Bloomberg : http://www.bloomberg.com/apps/news?pid=20601087&sid=awtQr3leXiOk&refer=worldwide

[2] Image: http://www.efoodsdirect.com/products.html

[3] Crude oil ought to be $150 per barrel: Iran: http://www.prisonplanet.com/crude-oil-ought-to-be-150-per-barrel-iran.html

[4] Saudi Plan to Boost Oil Output ‘Unfriendly’ – Iran: http://www.prisonplanet.com/saudi-plan-to-boost-oil-output-%e2%80%98unfriendly%e2%80%99-iran.html

[5] Bin Laden Firm to Build Saudi Arabian Prisons to Replace Guantanamo Bay: http://www.prisonplanet.com/bin-laden-firm-to-build-saudi-arabian-prisons-to-replace-guantanamo-bay.html

[6] Destroy all churches in the Arabian Peninsula – Saudi Grand Mufti: http://www.prisonplanet.com/destroy-all-churches-in-the-arabian-peninsula-%e2%80%93-saudi-grand-mufti.html

[7] Iranian economic minister: Sanctions to send oil ‘considerably higher’ than $100 per barrel: http://www.prisonplanet.com/iranian-economic-minister-sanctions-to-send-oil-%e2%80%98considerably-higher%e2%80%99-than-100-per-barrel.html

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