The head of OPEC said on Sunday the group had no target price for oil, and 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.
But Abdullah al-Badri acknowledged that the oil price, which has dominated trade on global financial markets in recent days as it hit a succession of five-year lows, had fallen further than market fundamentals should have dictated.
The comments at an event in Dubai were Badri’s first since the Organization of the Petroleum Exporting Countries left its output levels unchanged at a meeting last month.
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