News Oil 

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

“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” writes Mohd Jailanee Othman for cnbc.com. “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 we see prices go down below a certain price then we will see a slowdown in investments,” he said.The latest figures from OPEC’s monthly report in January showed that Egypt’s oil producing neighbors to the west, Libya and Algeria, produced 928,000 barrels a day and a million barrels a day respectively in December.
 
Source: cnbc.com



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