Gulf Opec members concerned about high oil prices

12 Sep 2012

(MENAFN) GCC members in the Organisation of Petroleum Exporting Countries (Opec) said they want oil prices to reach USD100 a barrel, on concerns that current high prices could impact demand in the future, Reuters reported.

Since Opec’s last meeting in June, Brent crude oil prices shot up 20 percent, hovering around USD112-USD117 a barrel since mid-August.

Saudi Oil Minister Ali al-Naimi said high oil prices are not justified and that Saudi Arabia, which is the largest oil exporter in Opec, would try to moderate them.

Sanctions on Iran that caused the market to lose one million barrels supply, coupled with outages in the North Sea, have pushed crude prices upward in the last few weeks despite concerns that Europe’s deep economic problems might weigh on industrial activity and demand in Asia.

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