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The Oil King's Diplomat.(The Last Word)(Prince Saud al-Faisal of Saudi Arabia)(Interview)
Byline: Christopher Dickey
This week Saudi Arabia hosts a summit of the Organization For The Petroleum Exporting Countries at a time when the cost of oil is soaring toward $100 a barrel, with tensions in Iraq and the Persian Gulf making matters worse. Prince Saud al-Faisal, Saudi Arabia's foreign minister for 32 years, is working to calm disputes that plague the region and threaten the global economy. He spoke last week with NEWSWEEK's Christopher Dickey. Excerpts:
DICKEY: A couple of years ago you said Saudi Arabia wanted to see oil in the $40 range. Well, we are way beyond that now.
SAUD: DON'T hold me to that.
All right, but where does Saudi Arabia want to see oil prices now?
You just proved that people shouldn't predict where oil prices will be. I really don't know. What we are working for is a stable oil price, but whether we can achieve that or not depends on many variables: what happens in such countries as China, what happens to peace in the Middle East, what happens with a possible confrontation in the gulf. And then you have the speculators. At a time when all other factors are predicting a decline in the price of oil, the speculators seem to be able to raise the price of oil.
Oil prices have given Iran a lot of money to underwrite its ambitions. Do you see any softening of Iran's position?
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Source: HighBeam Research, The Oil King's Diplomat.(The Last Word)(Prince Saud al-Faisal of...