Thursday 14 October 2010

Venezuela, Libya Tout Oil at $100, With OPEC Poised to Keep Quotas Intact - Bloomberg

Venezuela and Libya said oil at $100 a barrel will compensate producers for a slide in the dollar without derailing the global economic recovery.

Crude at $90 to $100 won’t “harm” growth, Venezuelan Energy and Oil Minister Rafael Ramirez said as ministers gathered for the Organization of Petroleum Exporting Countries’ meeting in Vienna at which members are likely to keep production quotas unchanged. Shokri Ghanem, chairman of Libya’s National Oil Corp., also called for higher prices even as other nations said they were content with prices at $70 to $85 a barrel.

“No one will hate oil at $100,” Ghanem said. “The weakening dollar is weakening our income.”

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