Saudi Arabia's King Abdullah has said that there is room for reviewing the Gulf Cooperation Council monetary union agreement, after the United Arab Emirates last week said it would not join a single currency.

He said the kingdom's ties with the UAE would not be affected by the surprise move that the UAE took over plans to locate the joint central bank in Riyadh.

The king also said in an interview in Kuwait's Al-Seyyasah newspaper that Saudi Arabia thinks $75 to $80 a barrel is a fair price for oil at present and sees signs of increasing demand for oil as the world's economy recovers.

"We see a fair oil price of $75 a barrel or perhaps $80 a barrel, especially at the moment," he said  "We are now seeing a quick recovery in the global economy, and we see indications of increasing demand on this material (oil)."  - Reuters