OPEC chief sees scope for oil at $78/barrel
Crude oil prices above $120 a barrel are 'abnormal' and could fall to around $78 under the right circumstances, OPEC president said.
By Agencies |
JAKARTA: Crude oil prices above $120 a barrel are ���abnormal��� and could fall to around $78 under the right circumstances, OPEC president Chakib Khelil said here on Tuesday.
If the dollar continues to strengthen and the political situation (regarding Iran) improves, then the long-term prices will be about $78,��� Khelil told reporters in Jakarta, adding the market was well-supplied with oil.
���There���s a balance in the market. I would say stocks are at a good level and there hasn���t been any disruption in demand,��� Khelil said.
If the dollar continues to strengthen and the political situation (regarding Iran) improves, then the long-term prices will be about $78,��� Khelil told reporters in Jakarta, adding the market was well-supplied with oil.
���There���s a balance in the market. I would say stocks are at a good level and there hasn���t been any disruption in demand,��� Khelil said.
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