OPEC Secy Gen: $60 Oil Too High, But Likes $40-$50

Crude oil prices in the $60 range or higher are excessive and have been potentially damaging to the world economy, but OPEC will defend prices in the $40-$50 a barrel range, the group’s secretary general reportedly said.

In its Monday edition, Petroleum Intelligence Weekly, an industry newsletter, quotes Adnan Shihab-Eldin as saying the reasons for the price range above OPEC’s abandoned $22-$28 span are strengthening demand growth and the need for more investment in the industry than in the past.
Schlumberger