Current oil prices are above preferable levels OPEC+ member Kazakhstan says

Current oil prices are above preferable levels OPEC+ member Kazakhstan says

Summary : Current oil prices of around $100 per barrel are above the preferable corridor of $60-80 per barrel, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters on Wednesday.

OPEC+ meets on Wednesday amid market expectations for a steady or a slight increase of oil output. Most of its members are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices.

The United States has put OPEC’s leaders Saudi Arabia and fellow ally the United Arab Emirates under pressure to pump more oil to help with the confrontation of Russia over its invasion of Ukraine and a possible oil production increase will be discussed on Wednesday, Akchulakov said.

A model of 3D printed oil barrels is seen in front of displayed stock graph going down in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/IllustrationNUR-SULTAN, Aug 3 (Reuters) – Current oil prices of around $100 per barrel are above the preferable corridor of $60-80 per barrel, Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan, told reporters on Wednesday.OPEC+ meets on Wednesday amid market expectations for a steady or a slight increase of oil output. Most of its members are already pumping near capacity and are unable to meet U.S. calls for bigger production to help address soaring prices. read more”The work is ongoing to make (oil) prices more realistic,” Akhchulakov said. “We have always said that the corridor of $60-80 per barrel is a normal one… And today the price is $100.”The United States has put OPEC’s leaders Saudi Arabia and fellow ally the United Arab Emirates under pressure to pump more oil to help with the confrontation of Russia over its invasion of Ukraine and a possible oil production increase will be discussed on Wednesday, Akchulakov said.”Currently, there is a question that maybe production should be increased in order not to overheat the demand… The post-covid demand is growing,” he said.

Reporting by Tamara Vaal and Mariya Gordeyeva, Editing by Louise Heavens and Christina Fincher

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