Badri says Opec has no target price, recommends more oil investment
[DUBAI] Opec Secretary-General Abdullah al-Badri said on Sunday he believes that Gulf countries should continue to invest in exploration and production despite oil hitting a five-year low, to prevent a future sharp hike in prices.
Mr Badri, in his first public comments since an Opec meeting last month, said the group had no target price for crude.
Speaking at an event in Dubai, he also said he believed the United States would continue to depend on Middle East oil for many years. Opec last month decided to leave output ceiling unchanged.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish