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Opec wants oil at $70-$90 a barrel

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By Carola Hoyos

Published: November 17 2008 02:00 | Last updated: November 17 2008 02:00

The Opec cartel wants oil prices of $70-$90 a barrel, Chakib Khelil, Algeria’s energy minister and the group’s president, said yesterday as he suggested the group would try to defend this level with further production cuts.

The group, which control’s 40 per cent of world supplies, will next meet this month in Egypt and in Algeria in December. It is already cutting production to adhere to its decision to cut output by 1.8m barrels a day from November 1.

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