Saudi king wants oil at $75 per barrel

Saudi Oil Minister Ali Naimi said that the Organization of Petroleum Exporting Countries will "do what needs to be done" to shore up falling oil prices when the cartel meets Dec. 17 in Algeria.

NVDL: 'Do what needs to be done'. Wonder what that is...

clipped from news.yahoo.com CAIRO, Egypt – Saudi Arabia's king says the price of oil should be $75 a barrel, much higher than it is now, but his oil minister indicated Saturday that no measures will likely be taken until OPEC meets again next month. "We believe the fair price for oil is $75 a barrel," he said, without saying how the price could be raised. Meanwhile, global crude inventories are growing, as evidenced by a U.S. government report showing a surprisingly large 7 million barrel build in stocks last week in the world's largest energy consumer.