High Oil Prices Required, OPEC Chief Says

High oil prices are needed to help fund higher oil production and exploration by producer countries, OPEC’s president said Saturday.

Global demand for oil will rise to 85.5 million barrels per day in the fourth quarter of this year and OPEC is making investments to bring production in line with that demand, said Sheik Ahmed Fahd Al Ahmed Al Sabah, Kuwait’s oil minister and current president of the Vienna-based cartel.
Forbes