Saudi Arabia identifies $75 a barrel a fair price for oil

Saudi Arabia oil Minister Ali al-Naimi said on Saturday that oil prices should be set identified at $75 a barrel and this is a fair price for oil. Oil on the weekend was at $54 a barrel.

The major oil consumer countries are relieved over the price set by Saudi minister. The ministers also said that the production limit will be set in the next meeting. The target of oil producing countries is to evade market slump.