OPEC Secretary General Abdulla Salem el-Badri said Wednesday that the organization is comfortable with oil prices but that they aren't encouraging investment.
The statements were made as the Organization of Petroleum Exporting Countries, in its annual report, downgraded its five-year oil-fields investment forecasts by about $50 billion.
"Prices at this time are comfortable but they don't encourage investment," el-Badri said in a press presentation of the report.
Prices have recently perked up to about $70 a barrel from a low of $32 a barrel in December but are still down their year-ago peak of $147 a barrel.
Asked if OPEC wants to cut output again, el-Badri said "we would like to see prices where we can invest but the decision to decrease or increase production is a decision of the [group's] conference."