Saudi oil minister urges global energy cooperation  December 19,
2008  Minister of Petroleum and Mineral Resources Ali Al-Naimi
said at a meeting of energy ministers in London today that all
countries must work together to achieve stability in the energy
markets.   "A harsh lesson from today’s concurrent global
economic slowdown is that no economy can decouple from the rest
of the globe," he said. "It is in everyone’s best interests to
work together towards recovery."  Al-Naimi noted that after oil
prices skyrocketed to $147 per barrel last summer, Saudi Arabia
ramped up its production to balance the market. Since that time,
the price of oil has plummeted more than $100 per barrel.
Unfortunately, Al-Naimi said, the price correction has gone too
far. "For producers, today’s price levels are wreaking havoc on
the industry and are threatening current and planned
investments," he said.  Al-Naimi cited $75 as a fair price for a
barrel of crude, explaining, "It is the price that marginal
producers need to maintain