OPEC Secretary-General ‘Abd Allah al-Badri is not losing any sleep over the impact of surging tight oil production in the US, which he says will be short-lived. He says oil prices above $100/B are “reasonable” and likely to hold at current levels at least until the end of 2014. The call on OPEC oil will rise after 2018, when tight oil production goes into decline, he says.
“I see [prices as] reasonable and comfortable for producers and consumers,” Mr Badri told MEES on the sidelines of this week’s Oil and Money conference in London when asked to comment on current price levels. Front month Brent crude oil futures closed at $109/B on 4 October. (CONTINUED - 1185 WORDS)