"(King Abdullah) has said in previous statements that $70 to $80 a barrel is a reasonable price for oil," Prince Abdulaziz said. "Everyone is aware that the price agreed by both consumers and producers should be a price that encourages producers to continue production and expand capacity and this is also an adequate price for consumers."
The deputy minister, whose country is the world's top oil exporter, also said it was too early to call the outcome of March's meeting of the Organisation of the Petroleum Exporting Countries.
"The next meeting is going to happen in more than two months and things change, circumstances change," he said. "OPEC will not do anything that might have a negative impact on the global economy," Prince Abdulaziz said, adding he left any decisions to Saudi Arabia's oil minister, Ali al-Naimi.