Fair price for oil is 50 to 55 dollars per barrel: Qatari minister

WASHINGTON (AFP) – Crude oil prices remain skewed by geopolitical factors, but a fair market price should be in a range of 50 to 55 dollars a barrel, Qatari Energy Minister Abdullah al Attiyah said.

Speaking to journalists in Washington, Attiyah said his country and other members of the Organization of the Petroleum Exporting Countries (
OPEC) do not set market prices, which have recently been in the range of 70 dollars a barrel.

“The fair price today should be between 50 and 55 dollars,” he said.

“It’s a reasonable price, but we never control prices, they are market driven. … The barrel lost five dollars in a few days due to geopolitics, and it’s no longer related to demand and supply.”

AFP