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Commodities Briefing - Categorized | Market Pulse, Oil, Price Watch more

Majority in OPEC, including Saudis, favor $100/barrel oil

Posted on 19 September 2012

Most members in OPEC, including Saudi Arabia, believe that the ideal price for oil is around $100/barrel and would like to see current oil prices fall further given a weak global economy, a senior Gulf official said Tuesday.
“We think the oil market is balanced. There is no shortage,” the source told reporters on the sidelines of an energy conference in Dubai. “The expectation is that for the next few months and next year even, there is more non-OPEC oil coming.”……………………………………….Full Article: Source


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