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Near-$90-oil won’t hurt economy: Opec

TEHRAN: Iran’s Opec governor said oil prices of $70-$90 per barrel would not hurt the global economy, the oil ministry’s official website SHANA reported Sunday. “Consumers and producers are unanimous that oil at $70-$90 prices are suitable prices and will not hurt the global economy,” Mohammad Ali Khatibi told SHANA.
Top oil exporter Saudi Arabia earlier this month shifted upwards the band from a price it has backed for around two years, saying oil at $70-$90 a barrel was comfortable for consumers. Global oil prices are now near $86. The International Energy Agency (IEA) said Friday Opec was raising production fast enough to meet growing demand and reducing compliance to the group’s target for output cuts.
The Organization of the Petroleum Exporting Countries said in a report this week its 11 members bound by oil production targets — all except Iraq — produced 26.89 million barrels per day (bpd) of crude in October. -Reuters


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