Saudi king says oil price too high

Saudi Arabia’s King Abdullah said current global oil prices were too high and needed to be at a more moderate level, television channel NDTV 24X7 reported on Sunday.

“We want to strengthen the link between India and Saudi Arabia with regards to energy, and the ability to provide energy to India over a long term. From our perspective I personally feel that the current price of oil is too high,” King Abdullah said in an interview with the channel, which was recorded in Riyadh.

“The price is damaging to developing countries who subsequently have to suffer. The price needs to be at a more moderate level.”

Hindustan Times