“I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009,” said Qatari Oil Minister Abdullah al-Attiyah.

Saudi Oil Minister Ali al-Naimi said $50 oil was Riyadh’s “contribution to the world economy.”

 
Naimi said Saudi Arabia was on schedule with plans to raise production capacity to 12.5 million barrels a day by the middle of the year, even though Riyadh is now pumping less than 8 million bpd.
“This significant spare production capacity will mitigate any future shortages,” Naimi said in a speech to the one-day meeting in Tokyo.

“I think this is very pragmatic, $40-$50 this is a pragmatic price for 2009,” said Qatari Oil Minister Abdullah al-Attiyah.