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OPEC chief says that oil at $100 a barrel not harmful to global economy

Posted on 26 January 2012

OPEC Secretary-General says that an oil price of “$100 a barrel does not hurt the world economy.” Abdalla el-Badri set out OPEC’s thoughts on oil prices and the political instability surrounding Iran in the interview published on January 20, as concerns rise that the fear of confrontation over the Iranian nuclear issue could take hold of oil markets.
The OPEC Secretary-General’s thoughts are in line with the recent announcement from the Saudi oil minister, Ali Naimi, who told CNN, “Our wish and hope is we can stabilize this oil price and keep it at a level around $100,” up from the “fair price” King Abdullah announced in November 2008 of $75 a barrel………………………………………..Full Article: Source


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