$70 and $90 A Fair Price For Oil Say Qatar

Qatar's Prime Minister Sheikh Hamad bin Jassem bin Jabr al-Thani said he believed that between $70 and $90 would be a fair oil price for a barrel of oil.

He was speaking at a news conference after talks with British Prime Minister Gordon Brown, who is touring the oil-rich Gulf trying to attract extra funding for the International Monetary Fund (IMF).

"The price level we think is a fair is $70 to $90 price," he said, speaking in English.

"We wish that we had fixed price but that's a market... High prices affecting the economy and low prices affecting the economy, so it's very important to think about prices that can be workable for both sides."

Qatar belongs to the Organisation of the Petroleum Exporting Countries (OPEC), which clashed with Brown over the cartel's decision to cut oil production at an emergency meeting last month in a bid to buoy up prices.

Brown again said during the news conference that he wants "a stable energy market," adding: "It's not a question of interest in a high price or a low price".

Qatar's Energy Minister Abdullah bin Hamad al-Attiyah last week stridently rebuffed criticism from countries including Britain over the oil production cut.

He said they could not label OPEC as "the bad boy" for taking such action without suggesting an alternative.

Author: Jo Amey