'Oil price at $100 per barrel unimportant'
Saudi Arabia's Oil Minister Ali al-Nuaimi dismissed the 100-dollar mark for a barrel of oil as insignificant Tuesday at a meeting of producer group OPEC in Vienna.
By Agencies |
VIENNA: Saudi Arabia's Oil Minister Ali al-Nuaimi dismissed the 100-dollar mark for a barrel of oil as insignificant Tuesday at a meeting of producer group OPEC in Vienna.
"What is so magical about 100 (dollars)?" Nuaimi replied to journalists when asked if he was worried about the fall of prices.
Saudi Arabia is the world's biggest crude producer and de facto leader of the Organisation of Petroleum Exporting Countries, which was expected to leave its output target unchanged after the meeting.
Brent crude oil slipped below 100 dollars a barrel Tuesday for the first time since April 2, sinking to 99.50 dollars in London.
Oil prices peaked at record high levels above 147 dollars in July but since have trended downward to the psychological barrier of 100 dollars, first crossed in early January.
Iraq, Iran and Venezuela have identified 100 dollars as the minimum price they would like to see for a barrel of oil.
"What is so magical about 100 (dollars)?" Nuaimi replied to journalists when asked if he was worried about the fall of prices.
Saudi Arabia is the world's biggest crude producer and de facto leader of the Organisation of Petroleum Exporting Countries, which was expected to leave its output target unchanged after the meeting.
Brent crude oil slipped below 100 dollars a barrel Tuesday for the first time since April 2, sinking to 99.50 dollars in London.
Oil prices peaked at record high levels above 147 dollars in July but since have trended downward to the psychological barrier of 100 dollars, first crossed in early January.
Iraq, Iran and Venezuela have identified 100 dollars as the minimum price they would like to see for a barrel of oil.
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