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Opec wants oil to reach $70 a barrel: chief

Opec wants oil to reach $70 a barrel: chief
AFP
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First Published: Sun, Apr 26 2009. 06 21 PM IST
Updated: Sun, Apr 26 2009. 06 21 PM IST
Algiers: Opec secretary general Abdalla El-Badri said the cartel wants to see oil prices rising to more than $70 a barrel, at a press conference here on Sunday.
“The price of $50 is not enough to cover investment costs for the future,” El-Badri told reporters.
“The price which allows reasonable and acceptable revenues is more than $70 a barrel,” he added.
El-Badri is in Algeria for talks with energy minister Chakib Khelil ahead of the next meeting of the Organization of Petroleum Exporting Countries in Vienna on 28 May.
Oil prices jumped above $51 a barrel on Friday, as a flagging dollar and rising stock markets offset concerns about weak demand arising from the global economic downturn.
New York’s main futures contract, light sweet crude for June, gained $1.93 to close at $51.55 per barrel.
In its April monthly bulletin, the cartel revised down its estimate for world crude demand this year and predicted that a “devasting contraction” in consumption would keep prices under pressure in the months ahead.
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First Published: Sun, Apr 26 2009. 06 21 PM IST
More Topics: Oil | Opec | Prices | Abdalla El Badri | Algeria |