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

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.

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