Saudi Arabian Oil Minister Ali al-Naimi has said Riyadh wants to keep oil prices at $100 a barrel in 2012.

Al-Naimi told the US’ CNN that Saudi Arabia wanted to stabilise the oil price at $100 and he thought the “world economy would be in better shape” if prices were to remain in triple digits.

The kingdom does not traditionally call for high oil prices, so the minister’s sentiments came as a surprise to industry analysts. In 2008-09, Al-Naimi said Saudi Arabia believed $70-$80 a barrel was a fair price for oil and budgets were set in the kingdom.

MEED reported in November that Riyadh needed oil prices to be $80 a barrel to balance its 2011 budgets, which was at about $30 a barrel for 2008.

With more major investment planned for infrastructure and industrial diversification, the oil minister’s comments are an indication that Saudi Arabia needs to maximise returns on its oil.