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Oil at $30-$50 suitable, says OPEC chief
(he really means that they want $50-$60 dollar pb)
Sunday May 22, 6:39 PM EDT
KUWAIT (Reuters) - Many OPEC and other oil producers believe an oil price range between $30 and $50 a barrel could be suitable for both producers and consumers, OPEC President Sheikh Ahmad al-Fahd al-Sabah said on Sunday.
The head of the 11-nation OPEC cartel also told Dubai-based Al Arabiya TV in an interview that additional crude oil output from a stable Iraq and new investment by OPEC and other producer nations to boost their production capacities could help ease global market worries over supplies.
Asked about the spike in oil prices to $50 per barrel and beyond on world markets in recent months, the cartel chief said that it was in the interests of consumers and producers to seek prices suitable for all.
"These are not prices as they once were -- $9 or $8, but also not $100 or $200," he said. "I think, now, there is a median that many of the OPEC members and producer nations are talking about, which is a range between $30 and $50."
(he really means that they want $50-$60 dollar pb)
Sunday May 22, 6:39 PM EDT
KUWAIT (Reuters) - Many OPEC and other oil producers believe an oil price range between $30 and $50 a barrel could be suitable for both producers and consumers, OPEC President Sheikh Ahmad al-Fahd al-Sabah said on Sunday.
The head of the 11-nation OPEC cartel also told Dubai-based Al Arabiya TV in an interview that additional crude oil output from a stable Iraq and new investment by OPEC and other producer nations to boost their production capacities could help ease global market worries over supplies.
Asked about the spike in oil prices to $50 per barrel and beyond on world markets in recent months, the cartel chief said that it was in the interests of consumers and producers to seek prices suitable for all.
"These are not prices as they once were -- $9 or $8, but also not $100 or $200," he said. "I think, now, there is a median that many of the OPEC members and producer nations are talking about, which is a range between $30 and $50."
