An oil price of $90 a barrel wouldn't hinder global economic growth, the top official in the Organization of Petroleum Exporting Countries said Thursday, echoing similar statements by the group's largest producer Saudi Arabia.
An oil price of $90 a barrel wouldn't hinder global economic growth, the
top official in the Organization of Petroleum Exporting Countries said
Thursday, echoing similar statements by the group's largest producer
Saudi
Arabia
.
Speaking to reporters on the sidelines of a presentation of the organization's
annual outlook report, OPEC Secretary General Abdalla Salem El-Badri said
"$90 [a barrel] won't hinder growth," adding he doesn't expect prices
to reach $100 a barrel next year.
He spoke after oil prices in
New York
hit a
fresh six-month high of $86.68 a barrel earlier Thursday. Crude contracts in
London
also
broke through $88 a barrel. El-Badri, however, reiterated that $75-$85 a barrel
is a comfortable price for both producers and consumers, though it isn't a
target.
"$75-85 is comfortable to producers and for investments, and for consumers
they can really do their business as usual at this price," he said.
El-Badri's remarks came after Saudi Oil Minister Ali Al-Naimi appeared Monday
to signal a greater acceptance of somewhat higher prices. Speaking at a
conference in
Singapore
,
Naimi appeared to suggest a price range of $70-$90 a barrel was acceptable for
consumers, slightly broadening his previous stance that $70-$80 a barrel is
needed to balance the needs of consumers and producers.
Some hawkish OPEC members have also been pushing for a price hike to $100 a
barrel.
"When I look at the world economy at this time, I really don't want to
judge, because there's a lot of uncertainty as to 2011, but I don't think we'll
see $100 in 2011," El-Badri said.
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