Bank Of Baku

Oil prices will go up after OPEC cut

Oil prices will go up after OPEC cut
# 20 October 2008 13:12 (UTC +04:00)
OPEC oil producers see oil prices bottoming at $70-$90 per barrel, OPEC President Chakib Khelil was quoted as saying in Saturday’s edition of Algerian daily El Watan.
The comments come before the Organisation of the Petroleum Exporting Countries holds an emergency meeting on Oct. 24 in Vienna to discuss the impact of economic weakness on oil markets.
"Normally, OPEC has no price target. The market decides on prices. But people say that the bottom price, the bottom cost below which we can not step down, is between $70 and $90 per barrel," El Watan quoted Khelil as telling reporters.
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