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Saudi Arabia Says Oil at $50-$60 Ensures Adequate Global Supply

  • Kuwait says outlook for that range over 15 months is ‘logical’
  • IEA sees oil at $60 giving a ‘strong impetus’ to U.S. shale
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Officials from Saudi Arabia and Kuwait, key protagonists in shaping OPEC policy, said oil at $50 to $60 a barrel would ensure adequate global supply, setting out a potential price band for the producer club before its meeting in Vienna next month.

“A $50, $60 oil price -- absent a supply accident -- is sufficient to develop the low-cost resources to provide increases that will be necessary over the next three to four years,” Andrew Gould, board director at state-owned giant Saudi Arabian Oil Co., said Tuesday in London.