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Iraq and Venezuela see $75-80 as fair prices for oil

by ChemOrbis Editorial Team -
  • 04/06/2015 (17:17)
According to media reports, Iraq and Venezuela have stated that $75-80/barrel was a "fair" price for oil during an Organization of Petroleum Exporting Countries’ (OPEC) seminar in Vienna. It was also reported that this opinion could reflect an emerging consensus among some OPEC members, who had previously centered on $100/barrel as the fair price of oil.

Previously, Saudi Arabia’s OPEC governor Mohammed al-Madi had reported that they did not think that oil prices would reach the $100-120/barrel threshold again in the foreseeable future.

Meanwhile, OPEC is expected to keep its output target steady when it meets on June 5 in Vienna, with this reluctance to cut output being partially attributed to expectations that non-OPEC oil producers would not follow the cartel’s production cuts.

Currently, NYMEX July crude is standing at around $59/barrel during intraday trading while July Brent crude is at $63.22/barrel.
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