KUWAIT: Around $100 a barrel is a good price for oil, Saudi Arabia's oil minister Ali Al Naimi told reporters on Monday on the sidelines of an energy conference in Kuwait.
Asked what a fair price would be for consumers and producers, Naimi said: "I just came from Hong Kong and I told everybody, in 1996, I thought $20 a barrel was reasonable; in 2006 I thought $27 a barrel was reasonable and now it is around $100 a barrel. I told them again it is reasonable."
Brent crude rose above $108 a barrel on Monday after ending last week down 2.2 percent in its second straight week of losses. (Reuters)
