Current oil price satisfactory – OPEC president

ABUJA (Reuters) – The current price of crude oil at $70 a barrel is satisfactory to OPEC and is not damaging world economic growth, the president of the exporters’ group said on Wednesday.

Edmund Daukoru of Nigeria said world prices had subsided from record levels around $80 due to the ceasefire between Israel and Lebanon, a benign hurricane season in the Gulf of Mexico and some recovery in Nigerian production.

“The overall current level is satisfactory. I say that because we don’t see any damage to the projected global level of GDP growth,” Daukoru told Reuters after a meeting in the National Assembly.

The priority of the Organization for the Petroleum Exporting Countries is to reduce volatility rather than target a specific price range, Daukoru added, declining to specify a price level at which OPEC would cut production.

Reuters