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11

OPEC President Surprised By Target Price

OPEC President Sheikh Ahmad al-Fahd al-Sabah supported crude oil price target of...

OPEC President Sheikh Ahmad al-Fahd al-Sabah supported crude oil price target of $53 a barrel. This price target is much higher than other members considered earlier this year.

OPEC effectively abandoned a $22-$28 range for a basket of crude oils a year and a half ago but is working to re-establish price range.