, Columnist
OPEC Is Already Thinking About $70 Oil
Russia won't like the return of giddy talk about prices.
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As recently as OPEC's last meeting, back in May, several oil ministers were talking quite casually about $50 a barrel as a good price for crude. Don't expect that to be repeated when they convene again at the end of this month.
In fact, expect quite the opposite. As oil has risen, OPEC ministers' assessments of a "fair price" for their crude have probably increased too, and that could put them at odds with their chief non-OPEC partner: Russia.