RIYADH, Aug 17: Saudi Arabia wants to see crude prices between $25 and $30 a barrel, Saudi Crown Prince Abdullah reiterated in comments published in the Kuwaiti daily Al-Siyasa.
"I truly tell you that the Kingdom does not want to harm the world economy ... We believe that prices should range between 25 and 30 dollars a barrel," Abdullah told the newspaper.
Saudi Oil Minister Ali Al-Naimi also said last Wednesday the Kingdom was prepared to hike output by 1.3 million barrels per day (bpd) in a bid to cope with world demand and curb soaring prices.
Mr Abdullah said Saudi Arabia had the capacity to meet increasing demand, but blamed international oil majors for hiking oil prices. "We have the (production) capacity to meet current requirements of the market.
At the same time, I want to assure you that we have no hand in the current increase in prices. Big companies dealing with the crude are responsible for the increase, through stockpiling and speculation," he said.
About the windfall in Saudi coffers from all-time-high oil prices, the crown prince said that most of the expected budget surplus would go toward reducing internal debt, which was mostly the result of the first Gulf War (1990-91), and the remainder would fund development.
