OPEC Says $90 Oil Won’t Hurt Growth, $100 Is Unlikely

Global economic recovery will not be in jeopardy if the price of oil rallies to $90 a barrel, and crude prices are unlikely to rise as high as $100 next year, according to OPEC.

The Organization of Petroleum Exporting Countries, responsible for 40 percent of worldwide crude supplies, is comfortable with oil prices at between $70 and $85 a barrel, the group’s secretary-general said today. Saudi Arabia’s Oil Minister Ali Al-Naimi said in Singapore on Nov. 1 that a range of between $70 and $90 a barrel is satisfactory. The kingdom had previously indicated a preferred target of $75 a barrel.

“I don’t think we’ll see $100 oil in 2011,” Secretary- General Abdullah El-Badri said at a press conference in Vienna held to launch OPEC’s annual long-term outlook.

Read Full Article from BusinessWeek

- Posted: 2010-11-04 10:37:43

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