King Abdullah of Saudi Arabia says measures should be taken to increase the price of crude oil to the "fair price" of $75 per barrel.
"We believe the fair price for oil is $75 a barrel," King Abdullah said in an interview published by the Kuwaiti newspaper Al-Seyassah on Saturday.
The price of crude reached a record high at about $147 a barrel in mid-July. However, as the financial crisis spread globally in early October, oil prices were caught in a downward spiral.
Saudi Oil Minister Ali Naimi said Saturday that the Organization of Petroleum Exporting Countries (OPEC) would "do what needs to be done" to shore up falling oil prices.
He suggested that the OPEC could seek to implement such measures when the group meets on December 17, AP reported.
CS/HGH