Opec eyeing $50 as possible new oil price ceiling
Posted: 11 April 2005
US oil at $50 a barrel might be a realistic upper limit for producer cartel Opec's new price target as it did not appear to be endangering global economic growth, the group's acting secretary-general was quoted as saying in international newsreports.
Adnan Shihab-Eldin also told the Australian Broadcasting Corporation's "Inside Business" programme in a pre-recorded interview that the group could agree upon its new preferred price range as soon as September.
Opec abandoned its $22-$28 a barrel price target for its basket of crudes in January after oil prices had exceeded it for more than a year, but the group is anxious to keep prices below $50 to protect economic growth - and oil demand - in its biggest markets.
Posted by Editor Pipeline Magazine
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