OPEC Top Official Sees $110 A Barrel As Fair
VIENNA (AP) — OPEC's secretary general says oil prices could rise by about $25 from their present levels without threatening the world economy.
Crude prices have dropped steeply in recent months with the U.S. benchmark selling Friday at just below $85 a barrel. That's about 20 percent less than where it was in February, and Secretary General Abdulah Al-Badry says it's far below what consumers can afford.
"$110 is not a threat to the world economic growth," Al-Badry told reporters Friday, a day after OPEC oil ministers agreed to keep their total output ceiling at 30 million barrels a day.
Many of the 12 member nations of the Organization of the Petroleum Exporting Countries consider present prices too low.