ALGIERS – OPEC wants to see oil prices rising to more than 70 dollars a barrel, the oil cartel's secretary general Abdalla El-Badri said Sunday.
"The price of 50 dollars is not enough to cover investment costs for the future,"El-Badri told reporters in Algiers.
"The price which allows reasonable and acceptable revenues is more than 70 dollars a barrel,"he added.
[That's funny, American oil companies say anything north of 35$ pays for brand new fields to be developed. Too bad our own government has 'just said no'.]
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