OPEC Wants To Push Oil Price Down To $100/Bbl – Chief

OPEC wants to push oil prices back down to $100 a barrel by boosting production as it fears demand destruction, the group’s chief said Thursday.

The shift in policy by the Organization of Petroleum Exporting Countries may help further relieve prices that have already eased amid brimming inventories.

Speaking at an energy conference in Paris, OPEC Secretary General Abdalla Salem el-Badri said: “We are trying to bring the price down.”

“We are not happy” with prices at $110-$130 a barrel, el-Badri said.

“There will be destruction as far as demand is concerned.”

Instead, he said OPEC wants prices at “$100, which is good for producers and consumers.”

El-Badri said OPEC production increased to 32 million barrels a day in March, two million barrels a day higher than the ceiling agreed by the group in December.

Source: Zawya & Dow Jones Newswires


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