The Traderszone Network

Published in TZ Latest News 3 June, 2015 by The TZ Newswire Staff

OPEC moots $80 as new ‘fair’ oil price – but will it stick?

Nearly a year after oil markets entered a deep downward spiral, unmoored from the $100-a-barrel mark that had anchored them for years, some OPEC members are publicly talking for the first time about a new “fair” price for their crude. Oil ministers from Iraq, Venezuela and Angola said in Vienna this week that a price of $75 or $80 a barrel – barely $10 above the going rate – could be just fine. Iraq’s Adel Abdel Mahdi said it would be “equitable”.