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.

Διαβάστε ακόμα