Saudis 'working on stable oil price'

Saudi Arabia's ambassador to the United States said today his country was working for a stable and acceptable price of oil and was concerned with poor countries unable to afford oil that cost US$70 ($103.55) per barrel.

"We're working for a stable and acceptable price of oil that will not only please the producers but be affordable to the consumer," Prince Turki al-Faisal, Saudi Ambassador to the US said on CNN's Late Edition show.

"Our added concern in Saudi Arabia is for the poor countries who cannot afford US$70 a barrel for oil. Those are the countries that we would like to see benefit from price stability and an acceptable price range," he said.

- REUTERS