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The head of Saudi Arabia’s oil industry has said that oil prices between US$70 and $80 a barrel are acceptable for both producers and consumers and that such a price will not slow global economic growth.
In a video posted on the International Energy Forum Ali al Naimi said that oil at the current price was neither a “band” or formal target.
“The producer is looking at this price, the consumer is looking at the price, the investor is looking at the price and everybody is saying this is great,” Naimi is quoted as saying.
“We’re not talking about a band, we’re talking about a de-facto situation.”
“It just happens that this is a good range for everybody and I think there is an agreement,” he added.
OPEC has said price bands in the past, but has since abandoned the policy.
