OPEC Says Won’t Necessarily Boost Supplies on $100 Oil
This article is for subscribers only.
Oil prices at $100 a barrel will only trigger action from the Organization of Petroleum Exporting Countries if they are accompanied by a supply shortage, the group’s secretary-general said.
Consumers and producers are comfortable with prices at about $78 a barrel, Abdalla El-Badri said in an interview in London today. OPEC doesn’t expect oil to reach $100 this year, he said. Futures for January delivery are around $81 a barrel in New York. JPMorgan Chase & Co., Morgan Stanley and Bank of America Merrill Lynch predict prices may rise to $100 in 2011.