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$60 to $70 is a fair price for a barrel of oil, Egypt's petroleum minister says


Added 02-11-19 03:02:01am EST - “There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt's Petroleum Minister Tarek El-Molla.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “$60 to $70 is a fair price for a barrel of oil, Egypt's petroleum minister says”. Below is an excerpt from the article.

There is a fair price for a barrel of oil and OPEC and its non-OPEC partners are close to achieving it through their deal to cut production, according to Egypt's Petroleum Minister Tarek El-Molla.

"It is in the range between $60 and $70 a barrel … somewhere in this bracket of price," El Molla told CNBC on Sunday when asked if oil prices were at an acceptable level to keep producers and consumers happy.

"If prices of crude increase significantly we would start to see inflation and an exaggeration in the slowdown in consumption from the other side. If we see prices go down below a certain price then we will see a slowdown in investments," he said.

"So, actually, the fair equation is to have a balanced price between the producers and the consumers whereby each party is happy and to continue the growth of the global economy."

Egypt is a significant oil and natural gas producer in the Middle East although it's not a member of OPEC and its output is dwarfed by members of the oil producing group and other non-OPEC producers like Russia.

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