Saudi Arabia's king said the price of oil should be $75 a barrel

I find this completely absurd! The King of Saudi Arabia says, "We believe the fair price for oil is $75 a barrel." The "fair price" is something I think OPEC should not receive. They, along with other producing nations, were not arguring when they were making hand over fist cash when oil was trading at $147 in mid-July. Now that it has tanked, so has their economy (and the global commodity/financial market as well). OPEC will wait to make a final decision on December 17th.





Source: money.cnn.com...


[edit on 29-11-2008 by Quazze]

As oil rich as they are they cant get the price to that level.

They are not the only voice in OPEC.
There are too many factors from around the globe that enluences the price.

He is stating what he thinks it's not the way it's going to be.

don't worry, oil production will be reduced and oil prices will rise again