Saudi Arabia has no problem with hike in Opec price band

He would not say what new range was being considered. However, the London-based pan-Arab newspaper Al-Hayat quoted Qatari Oil Minister Abdullah Bin Hamad Al Attiyah as saying a committee was studying raising the price band to between $28 and $30 a barrel.

‘‘This price is fair to both consumers and producers and will help avoid fluctuations,’’ Al Attiyah was quoted by Al-Hayat as saying.

The Saudi official indicated the band could be lowered later ‘‘if the market returned to normal’’.

Venezuela has said it would propose an increase in the oil price range at the September 15 meeting, and suggested the band be increased to between $28 and $35 per barrel. Saudi Arabia previously had said it wanted to leave the price as it stands.

As the world’s largest oil producer, the kingdom enjoys great influence in the Organisation of Petroleum Exporting Countries.