Saudi King Abdullah says $75 fair oil price

Riyadh: Saudi Arabia sees $75 per barrel as a fair price for oil, Saudi King Abdullah was quoted on Saturday as saying.

"We see the fair price of oil as $75 per barrel," King Abdullah said in an interview published by Kuwaiti newspaper Al Seyassah.

The Saudi oil minister on Saturday also identified $75 a barrel as a fair price for oil, the first time in years the kingdom has cited a price target.

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.