Saudi king says oil should be $75 per barrel

Saudi Arabia isn’t entirely ruling out an OPEC production cut at a hastily convened meeting in Cairo today.
   
But the Saudi oil minister says no measures will likely be taken until OPEC meets again next month. He says the bloc needs to wait until the Algeria meeting to assess the impact of earlier production cuts.
   
Saudi Arabia’s king told a Kuwaiti newspaper (Al-Seyassah) the price of oil should be $75 a barrel, much higher than it is now. And Oil Minister Ali Naimi says OPEC will “do what needs to be done” to shore up falling oil prices.
   
The price of crude stood at about $147 a barrel in mid-July. It’s now down around $54 a barrel.
   
The managing director of oil and gas research at Oppenheimer & Co. in New York says the 13 OPEC members have no real business model, thriving when the price of oil is up and being squeezed when it drops.