• HSBC

$75 'fair' price for oil

  • Middle East: Sunday, November 30 - 2008 at 09:46

King Abdullah bin Abdulaziz of Saudi Arabia said that $75 a barrel is the fair price for oil and that the US has not requested $120bn from the kingdom to help save its financial sector. Saudi Oil Minister Ali Al Nuaimi said that a firm decision on cutting oil output in the face of plunging prices would be made at a group meeting next month in Algeria.

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