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OPEC decides $60/barrel is about right
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, May 30, 2006
ABU DHABI — OPEC regards $60 as a normal price for a barrel of crude
oil.
As a result, officials said, OPEC does not plan to increase oil
production levels, Middle East Newsline reported. OPEC oil ministers meet on June 1 in Caracas, Venezuela
to discuss policy.
"In view of sufficient supply in the global markets, I do not expect a
change in the [OPEC] production level," United Arab Emirates Oil Minister
Mohammed Al Hamli said. "The just price is what satisfies both producers and
consumers and does not have a negative impact on global economy growth and
that would be $50-60 a barrel for the OPEC basket of crudes."
Hamili, citing geopolitics, said OPEC expects an increase in oil demand
in 2006 similar to the level of last year. He said member states have a
combined spare production capacity of two million barrels per day.
Copyright © 2006 East West
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