OPEC's Secretary-General Abdalla Salem El-Badri agreed that 75 US dollars a barrel is a "fair price".

Chakib Khelil, OPEC President, said, "The conference reaffirmed its determination to stabilize the oil market as illustrated by its last-month decision, which, according to preliminary industry indications, is being implemented, confirming thus that OPEC countries are adhering to the decision and fulfilling their commitments."

Meanwhile, Saudi Oil Minister Ali Naimi said the organization will do what's needed to shore up falling oil prices.

His comments came after Saudi King Abdullah said oil should be priced at 75 US dollars a barrel, far above its current rate.

OPEC's Secretary-General Abdalla Salem El-Badri agreed that 75 US dollars a barrel is a "fair price".

Oil prices have witnessed sharp drops in recent months.

On Friday, oil price stood at about 54 U.S. dollars a barrel, declining by some 60 percent from more than 147 dollars a barrel in mid-July.

(CCTV December 1, 2008)