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Saudi Oil Minister Ali Naimi said that OPEC will "do what needs to be done" to shore up falling oil prices when the cartel meets next month in Algeria, even as his king told a Kuwaiti newspaper that $75 a barrel was a fair price for oil

Naimi did not entirely rule out the chance that the Organization of Petroleum Exporting Countries would slash output at the hastily convened meeting Saturday, but he did say the bloc needed to wait until the meeting in Oran, Algeria on Dec. 17 to assess the impact of two previous rounds of cuts.