Go Finance report - Leaders of world oil exporting countries (OPEC), Saudi Arabia still enjoy the world oil price range between USD70-80 per barrel and expect that level will be able to continue to survive.
The statement makes a number of countries in world oil consumers increasingly worried about oil prices and can get out of control so that hamper global economic recovery.
"The price of USD70-80 per barrel is a good price," said Saudi Arabian Oil Minister Ali Al Naimi, was quoted as saying by Reuters on Sunday (12/12/2010).
In addition, the results of the OPEC countries meeting in Ecuador also decided to remain a quota of oil production even though oil prices had struck his record at USD90 per barrel last week.
With such conditions, then the market will test the ability of Saudi Arabia to keep prices below $ 80 per barrel.
"The real issue here is whether supply will be added. Minister Naimi said that the $ 80 per barrel is the upper limit of price range, let's see if he followed the provisions of it with more inventory," said Head of Global Oil Research Lawrence Eagles of JP Morgan.
Last weekend, the price of crude oil in the U.S. market (U.S.) closed at the level of USD87, 79 per barrel.
Unlike Saudi Arabia, one of the OPEC countries of origin in Latin America, Venezuela, precisely assess the oil price can crawl up to USD100 per barrel and the markets should compensate for higher production costs because persediannya not much.
Meanwhile, Iranian Oil Minister Massoud Mirkazemi said global oil demand is currently in bad shape and the price is not fair.
Riyadh to decide the best way to stop further price increases to secretly lift supplies to the buyer through the process of monthly sales and not through the policies of OPEC.
OPEC's biggest supply ever reached its peak in late 2008 before finally going fallout from the price of USD147 per barrel to more than USD33 per barrel due to the recession reduction in fuel demand. Many OPEC ministers said supply of sufficient and that they would only open the faucet to meet additional demand.
"Once there is a shortage in the market, or so we feel there is a shortage in the market, we of course will increase production but not the only function of the price," said the head of Libya's delegation Shokri Ghanem.
"If prices rise high because of speculation that we can do anything," said OPEC Secretary General Abdullah al-Badri.
As for supplies among the industrialized countries of the OECD are high on demand for the next 60 days. (GoFinance)
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