OPEC needs oil prices to stay above $70

OPEC needs oil prices to stay above $70
# 18 May 2010 09:18 (UTC +04:00)
Baku – APA-Economics. Qatar’s energy minister said on Monday that the Organisation of Petroleum Exporting Countries (OPEC) members need oil prices to stay above $70 a barrel to maintain investments in production capacity, Daily Times reported.

“OPEC will need crude prices to remain above $70 a barrel to attract the investment required to build the additional production capacity needed to meet future oil demands,” Abdullah bin Hamad al-Attiyah told an energy forum in Doha. “Whenever prices drop below $70 a barrel, it is usually a tipping point below which energy companies curtail development,” he said. Qatar, a member of the OPEC, pumps around 800,000 barrel of oil per day. It also sits on 900 trillion cubic feet (25 trillion cubic metres) of natural gas reserves, the world’s third largest.
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