King Abdullah Bin Abdulaziz gives interview to 'Al-Seyassah' 5

Q- What about the oil prices which witness a state of instability?

A- We still think that the fair price is $75 may be $80 per barrel,
particularly in the present time as oil is an important strategic
substance to which the world will be in dire need in the years to
come more than in the past years, and it will continue to remain
energy's most important irreplaceable element. Therefore, it is not
important to talk about the years of need for it; rather we should
talk about the importance of its alternative, had it depleted or its
supply resources contracted. This is what is important in my view. As
regards the issue of price fluctuations, the matter is attributed to
the developments of the world market circumstances, bearing in mind
that these changes should eventually settle at a high oil price in
the future. The reasons of price fall in the past are well known and
they might not be repeated in future at all as we now witness a swift
recovery of the world economy and we see signals of demand increase
for this substance. Oil will remain an important energy source for
many years to come, perhaps more years than those since its
discovery.

Q- When the world economic crisis broke out, what were the concerns
of the GCC member states at the time?

A- Actually there were fears. In meetings of the GCC leaders, this
issue was repeatedly discussed. We decided to underscore the
importance of economic inter-relatedness and interest-based ties
among our countries in a fast and better way. We also discussed a
number of views, all seeking the protection of the economies of the
region, moving internationally as one unit in our contribution to
solutions, and promoting increased economic openness among our
countries, including agreement on the monetary union after having
been certain of its benefits and importance to enhancing our
countries' economic power regionally and internationally. After all,
we enjoy 30 percent of the world's proven reserves.

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