OPEC Wants Oil At $100
OPEC wants oil prices to stay near $100. It members need high prices to cover the costs of their national financial needs. That high price could also undermine economic growth in areas like China, the US, EU, and Japan. OPEC…
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OPEC wants oil prices to stay near $100. It members need high prices to cover the costs of their national financial needs. That high price could also undermine economic growth in areas like China, the US, EU, and Japan. OPEC appears ready to take that risk.
El-Badri, secretary general of the Organization of Petroleum Exporting Countries, was quoted as saying that “$100 a barrel doesn’t hurt the world economy at all.”
“This level is acceptable to both sides, for the producer as well as for the consumer countries,” he said.
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