Saudi Arabia's oil minister, Ali Al Naimi has said he expects oil prices to stay in the "ideal realm" of $70 to $80 a barrel, a level seen fair by consumers and producers and defended by oil market investors, Reuters has reported. In an interview published by consultancy Petroleum Policy Intelligence, Al Naimi said: "There was a general consensus (between producers and consumers) that this is a fair price." The kingdom has pegged $75 as a level high enough to encourage investment but low enough to stimulate growth.