In an interview with CNN, the kingdom's oil minister, Ali al-Naimi, also said Saudi Arabia could raise production to full capacity of 12.5 million barrels daily within 90 days. "Our wish and hope is we can stabilise this oil price and keep it at a level around $100," Naimi told CNN in an interview. International benchmark Brent crude was valued at just over $111 a barrel on Monday. US crude traded at $99.50 a barrel. The Saudi oil chief said Riyadh could increase production by about 2 million barrels per day (bpd) "almost immediately". Saudi Arabia is the only oil producer with any significant spare capacity to replace any fall in supply from Iran. "We can easily get up to 11.4, 11.8 (million barrels a day) almost immediately, in a few days," Naimi told CNN up from just under 10 million bpd now. But "to get to the next (700,000 barrels a day) or so, we probably need about 90 days", he said. Riyadh has not specified a preferred oil price since it said it favoured $75 per barrel in November 2008. Oil prices have risen sharply since then and Saudi Arabia's national budgetary requirements are now estimated by bankers at about $90 a barrel.