OPEC chief says no target price, but oil slide beyond fundamentals | Reuters.
(Reuters) – The head of OPEC said on Sunday the group had no target price for oil, signaling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.
Speaking at an event in Dubai, Abdullah al-Badri said the oil price, which dropped to a succession of five-year lows in recent days, had fallen further than market fundamentals should have dictated.
He urged Gulf states to continue investing in exploration and production, saying the United States would continue to rely on Middle East crude for many years.
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