French Economy Minister Christine Lagarde said on Saturday that it would be good if oil prices settled at between US$70 and US$80 a barrel.
“We want less volatility, more predictability,” Lagarde said ahead of talks yesterday with Saudi Arabian Petroleum Minister Ali Naimi.
“Most people would agree that anywhere between US$70 and US$80 would be good,” she said.
PHOTO: REUTERS
Lagarde was on a 24-hour visit to the Saudi capital for discussions on a range of bilateral economic issues, including promoting France’s high-speed rail expertise for the multi-billion-dollar Mecca-Medina rail project, and fashioning cooperation on nuclear power technology.
Lagarde said that Saudi King Abdullah and French President Nicolas Sarkozy had earlier agreed to seek mechanisms to stabilize oil prices, after last year’s climb to nearly US$150 a barrel and subsequent plunge to just US$30.
However, she said, the possible mechanisms for that still needed to be explored.
Oil prices topped US$58 a barrel in New York trading on Friday, the highest since mid-November.
Lagarde, who was to meet King Abdullah and other top economic officials yesterday, said she would also encourage Saudi Arabia to follow up on its pledge to contribute to the expanded capital of the IMF.
This follows the G20 agreement in London at the beginning of last month to triple the IMF’s funds to US$750 billion.
“We all have to contribute more,” she said, noting that most of the G20 members had yet to confirm their contributions.
“In London all of us, including the Saudis, signed a commitment, so we have to deliver,” Lagarde said.
Lagarde said she would also discuss with her Saudi counterparts updating the French-Saudi tax treaty to address issues that had arisen since the treaty was first signed some 20 years ago.
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