KSA: Oil prices to remain between $70, $80

09 Jun 2010

(MENAFN) Saudi Oil Minister Ali al-Naimi said in an interview that oil prices would stay in the range of $70 to $80 a barrel, a level seen fair by consumers and producers and defended by oil market investors, Arab News reported.

The targeted price had also gained acceptance among oil market investors, the minister of OPEC?s largest producer said.

If the price went to around $50 then all producers would lose out on revenue, but non-OPEC producers would hurt the most as they were forced to shut down more expensive oil production, Naimi said.

A price of between $50 and $60 would lead to louder calls from OPEC members to comply with existing agreed curbs, Naimi added.

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