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13

OPEC: Current Oil Price Not Hignh

"You have to keep in mind that now the cost of producing oil is going up..."

Opec Secretary General Abdullah Al Badri said yesterday that he did not believe current oil prices were "high", supporting signs that the producer group is comfortable with maintaining crude at above $60 a barrel.

"I don't think the price at this time is high. We in Opec and also member countries look into supply and demand and we look at inventories, and the market is not really high," he told reporters in the Indonesian capital.

"You have to keep in mind that now the cost of producing oil is going up, so the price is normal at this time."

The comments come two weeks after Badri said he saw no need for Opec to increase its production this year, despite repeated cries from consumer nations for more oil.