OPEC Would Like Oil at $80/Bbl for Investments

The Organization of

Petroleum

Exporting

Countries would like

oil to reach a price level of $80 a barrel so that most

investments in the

industry

can

go

ahead,

OPEC

President

Jose

Maria

Botelho

de

Vasconcelos

said

Tuesday.

“We would like to reach the $80 per barrel, so that investment could be met,” he said during a press conference after meeting with European

Union

officials.

He said the current level of between $60 a barrel and $70 a barrel is comfortable as it allows some investment, but a higher price would be better.

Oil prices rose to above $70 a barrel in June, up from $32 a barrel in December, after peaking last year at more than $140 a barrel.

OPEC said in a statement after the meeting that low oil prices could lead to underinvestment in the industry.

Dow Jones Newswires