Saudi Arabia says oil needs to be at $60-$75

Saudi Arabia's oil minister said Monday that petroleum-producing countries need a price of at least $60 a barrel to bring more energy resources on the market.

"If we want all hydrocarbon resources developed worldwide, 40 dollars is not enough," Ali al-Naimi told reporters in Geneva, where he was attending an energy conference.

Crude oil returns are key, he said, because they can allow companies and countries to invest in new and potentially valuable fuel source such as ethanol, tar sands and heavy oils.

To develop these industries, the oil price will have to rise to a range between $60 and $75 a barrel, al-Naimi said.

Crude …