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Saudi Arabia, Iraq and Kuwait aim to lift oil prices to $60 per barrel

Saudi Arabia, Iraq and Kuwait are considering an oil price of $60 per barrel as a target level, writes The Wall Street Journal.

14.Apr.17 11:55 PM
By Christina Orlina


Saudi Arabia, Iraq and Kuwait aim to lift oil prices to $60 per barrel
The states, which accounted for half of the OPEC extracted oil, believe that the price of oil at this level will support their economy and will increase investment in the energy sector, however, will not push shale oil producers in the United States to significantly increase production.

"Iraq would increase oil prices to $60 per barrel. It is our goal - said the Minister of oil of Iraq Jabbar al-Luaibi. - People familiar with the oil policy of Saudi Arabia and Kuwait, have confirmed that these countries also tend to price of $60 per barrel."

Late last year OPEC States agreed on the reduction of oil production by 1.2 million barrels per day (b/d), hoped to raise oil prices to $55 per barrel, and have already achieved this goal. Saudi Arabia, Iraq and other OPEC members have already indicated that they are ready to extend the agreement to reduce output by a further six months on the meeting in Vienna on May 25.

According to one of the representatives of OPEC, $60 per barrel is the level at which all producers can coexist. "This is the price that will encourage investments in the sector, but will not push shale oil producers to rapid increase in production," he said.

The cost of June futures for Brent crude on London's ICE Futures exchange market close on Thursday was $55,89 per barrel. Futures price for WTI crude oil at the end of trading on the New York Mercantile exchange (NYMEX) fell on 13 April to $53,18 per barrel.

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