Oil prices could rise about $25 from their present levels to $110 a barrel without threatening the world economy, OPEC Secretary General Abdullah Al-Badry said Friday.
Crude prices have dropped steeply in recent months with the U.S. benchmark selling Friday at just below $85 a barrel. That’s about 20 percent less than where they were in February, and Al-Badry said it’s far below what consumers can afford.
"$110 is not a threat to the world economic growth,” Al-Badry told reporters a day after OPEC oil ministers agreed to keep the cartel’s total output ceiling at 30 million barrels a day.
Many of the 12 member nations of the Organization of the Petroleum Exporting Countries consider present prices too low and came to Thursday’s meeting seeking a production cutback to reduce supplies and push prices upward.
That, however, was opposed by OPEC kingpin Saudi Arabia