WASHINGTON -- Saudi Arabia's ambassador to the United States said Sunday his country was working for a stable and acceptable price of oil and was concerned with poor countries unable to afford oil that cost $70 per barrel.

"We're working for a stable and acceptable price of oil that will not only please the producers but be affordable to the consumer," Prince Turki al-Faisal, Saudi Ambassador to the U.S. said on CNN's "Late Edition with Wolf Blitzer."

"Our added concern in Saudi Arabia is for the poor countries who cannot afford $70 a barrel for oil. Those are the countries that we would like to see benefit from price stability and an acceptable price range," he said.

Qatar's oil minister earlier Sunday said oil markets were oversubscribed and he would support any decision by the Organization of the Petroleum Exporting Countries to make a further reduction in its output when the group meets this month.

OPEC ministers have been divided on the need for deeper supply curbs, with some concerned about high fuel stockpiles and others reluctant because crude prices are holding firm above $60 a barrel.

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The OPEC agreed at an emergency meeting in October to reduce its production by 1.2 million barrels per day from Nov. 1 in response to swelling inventories and a 25 percent plunge in prices from a peak of $78.4 in mid-July.

OPEC meets next on Dec. 14 in Abuja, Nigeria.

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Editor's note:
Warning: Oil Prices Will Collapse, Profit from It!