naimi guided its developnt and is its chaman. i began our conversation by asng naimi how kaust will impact the saudi econo. >> you know, saudi arabia tay is highly pendent on one source of revenue. now we cannot coinue forever on this soce of income. let us do our best diversify the onomy, indurialize, and move to a knowledge societ eventually. >>usie: what are you going fos on? what will be the bigge growth industry outside of oil ultimately? >> nber one is food. number twos water. number three, believe it or not, is energy and environment. these are ththree areas of focus. no why do i say energy? >> susie: let's talk a little bit about l. we've seen oil prices this year as low as $32 andot longgo as high as $7. what do you thinis the right price for oil? >> we believe thatround $75 is a fair price for the oil producers, the consumer. why do i say 75? now,o produce some of the hydrocarbon sources requires a price which rewards the investors. some of these invements need a pre between $60 and $8 d that's why woe chose a fr ice of

naimi guided its developme and is its chairn. began our conversation by aski naimi how kaust will impact the saudi economy >> you know, saudiarabia tod is highly dendent onne urce of revenue. now we cannot contue forever on this sour of income. let us do our best toiversify the ecomy, industalize, and move to a knowledge society eventually. >> susie: what e you going to focus on? what will be the bgest growth industry outsidef oil ultimately? number one is food. numberwo is water. number three, belve it or t, is energy and environmt. these arthe three areas of focus. now, why do i say energy? >> susie: les talk little bit about oil. we've seen oil prices this year as low as $32 and not long ago as high as $147. what do you ink is the right price for o? >> we believe that around $75 is a fair price for the o producers, the consur. why do say 75? now, to produce some of the hydrocarbon sources requires a price which rewards the investors. some of these vestments need a price between $60 and$80. and that's why woe chose a fair price

susie sadown for an exclusive interview with naimi thi morning, in jedd. he sayhe's seeing signs of recovery from the recessio buhe doesn't see a change in production quotas beeen now and deceer's opec meeting. you can e susie's interview with naimi heron "nightly business report", on fday. >>uzanne: president barack obama says while t u.s. was slow trecognize the threat of climate change h administration is cing to catch up at a united tions climate change smit in new york, the esident said the u.s. is making i largest ever vestment in renewable energy the idea is to dble america's gerating capacity from wind and other renewable ergy resourcein just three years. the president called on ri and developing nions to follow in our footsteps, butdmitted conqueng climate change won't be easy. >> all of us will face dbts and fficulties in our own capitals as we try to ach a lasting solution to the clime challenge. but diiculty is no excuse for complacency. >> suzannetomorrow, president obama meets with japan's n headf state for the first time. prime minister yio

arabia, and tomorrow night, we'll have her exclusive interview with saudi arabia's oil minister ali al-naimi. he thinks $75 a barrel will be the new baseline price for oil. meanwhile, today in new york trading, crude oil tumbled 4.5% to $65.89 a barrel. low demand is pressuring prices as weekly crude oil inventories rose again. >> suzanne: former fed chairman paul volcker today criticized president obama's plan to impose strict rules on systemically risky firms. volcker says, even if the rules are adopted, we'll still have firms that are "too big to fail." he serves as an outside economic advisor to the president, and supports much of the administration's regulatory reform plan. but volcker told congressional lawmakers the proposed rules could encourage even riskier behavior. >> suzanne: meanwhile, volcker's former agency wants to keep one of the tools it's been using to cope with the financial crisis. the federal reserve wants to make the term auction facility or t.a.f. permanent. that program's used to make short-term emergency loans to banks. the central bank is scaling back the lending p

saudi arabia, and morrow night, we'll haveer exclusive interviewith saudi arabia's oil minister ali al-naimi. he thinks $75 a barr will be e new baseline price for oil meanwhile, tay in new york trading, crudeil tumbled 4.5% to $65.89 a barr. w demand is pressuring price as weekly crude oiinventories rosegain. >> suzanne: rmer fed chairman paul voler today criticized president obama's plan to pose strict rules on systically risky firm volcker ys, even if the rules are adopted, we' still have firms thatre "too big to fa." he serves as an outside onomic advisor to the preside, and suorts much of the administration regulatory refo plan. but volcker told conessional lawmakers the proposed rules could encourage en riskier behavi. >> suzanne: anwhile, volcker's former agency was to keep one of the tls it's been using to cope with the financial isis. the federal resee wants to make t term auction facility or t.a.f. permanent. at program's used to make short-term emergencyoans to banks. the central bank is scalinback the lending progras operations becausof the improving economy, buthe fed wants to e

start with saudi arabia oil minister ali al naimi.ou can say his name much better than i can for sure. >> no. you did a great job. and actually, the meeting is going on right now. they haven't come to a decision yet. but there's a very interesting dynamic going on. venezuela's oil minister is not here. he's not at the meeting. that's very unusual. and it turns out he's in russia, in moscow. now, russia has been a huge thorn in the side of opec. they've actually increased production at a time when opec is cutting back and trying to keep prices higher. this is something saudi arabia's been working very hard on so the oil market isn't flooded right now. i caught up with ali naomi, saudi arabia's oil minister a little while ago. and i asked him why is venezuela's oil minister in russia right now instead of here? here's what he had to say. >> he's in russia. that's why. does that answer the question? >> it does. but i think it's probably a little more delicate than that. >> this is the problem with the press. you always look for something

. >> just quickly did al naimi address the weaker dollar here?ny thoughts to perhaps pricing in another currency? >> you know, we all asked him that question. he kind of played it down a little bit. it's a theme that has been building over time, saying maybe you want to price the opec basket in euros or something like that because the dollar is weaker. but it really cuts both ways for them because of course they get paid in dollars, they have to go out there and buy other products and other currencies. so they're on both sides of that trade. it's a prickly issue for them. >> melissa, thanks so much. melissa francis joining us live from vienna, austria on the sidelines of the opec meeting. >> just to drill down real quick on what the oil trade is right now right here, talking about opec, forget it. compliance rates, they have fallen from 78% down to about 69%. it is about inventories right now when you look at oil, there's been a fundamental shift where we are beginning to work off existing inventories. you're going to get another report tomorrow.